LCCI urges southwestern states to tap into agribusiness value-chain

The Lagos Chamber of Commerce and Industry (LCCI) has said that states in the Southwestern part of the country need to collaborate and present a sustainable investment portfolio in the agribusiness value chain at this period of COVID-19.

Speaking during a webinar aimed at unveiling viable agribusiness opportunities in the south-western region of the federation in Lagos recently, LCCI President, Mrs. Toki Mabogunje, said that the move is imperative to national economic diversification and self-reliance as a country.

Mabogunje stated that this is crucial due to the havoc caused by the outbreak of novel coronavirus on both national and global economies.

According to her, the scourge brought to fore the need for a reawakening of the critical importance of economic diversification, self-reliance and backward integration.

She recalled that revenue from agriculture used to be the mainstay of the South-West region before the oil boom of the seventies and the same was true of many other parts of the country.

“Major projects like the cocoa house were funded from revenue from agriculture. Regrettably, the advent of oil changed the story and has led to the relegation of agriculture in the scheme of things.

She maintained that Nigeria has the competitive and comparative advantage in agriculture and agribusiness.

“This is a sector that can readily be the anchor and key driver of our economic transformation but we need the right policies, infrastructure and institutions to make this happen.

“The renewed focus on the development of the non-oil economy by the Federal Government has led to implementation of policies geared towards encouraging farmers and investors in the agribusiness value chain.

“But the sector is still grappling with numerous productivity challenges as we are yet to harness the enormous opportunities in the agricultural space.”

She added that Africa was the new investment frontier and Nigeria, the key to opening the continent.

“Nigeria, Africa’s largest country by market size is gradually getting the attention of international investors keen to maximize profits from the country’s vast natural resources.

“Some of these resources are fertile land and export crops including sesame seeds, cashew nuts, cocoa beans, ground nut, rubber, timber, yam and sorghum, among others,” the LCCI boss said.