Subsidized imports threaten Nigeria's agricultural growth, says Minister Bagudu
via Punch Nigeria11 min read
Abubakar Bagudu, the Minister of Budget and Economic Planning, has stated that subsidized imports and global trade distortions are hindering Nigeria's agricultural growth. Speaking at the second biannual meeting of the Agrifood Systems Working Group in Abuja, Bagudu emphasized the Federal Government's commitment to transforming the agrifood system through institutional reforms, science-driven agriculture, and increased private sector investment. He called for stronger collaboration among government, the private sector, and development partners to address challenges such as rising fertilizer and energy costs and trade distortions. Bagudu highlighted President Bola Tinubu's administration's focus on agriculture for economic growth, poverty reduction, and food security, with a national target of lifting Nigerians out of poverty by 2030. He noted that Nigeria has over 42 million agricultural households, primarily smallholder family farmers, whose productivity and profitability are crucial for food production and economic growth. The minister also mentioned reforms under the Renewed Hope Agenda, including the establishment of the Federal Ministry of Livestock Development and efforts to de-risk agriculture through increased support for the National Agricultural Development Fund and the National Agricultural Land Development Authority. He stressed that sustainable agricultural transformation requires contributions from various sectors, including science, technology, finance, researc
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This summary was AI-generated from a story originally published by Punch Nigeria.
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