Plenary Session Four – Agribusiness and Fast Moving Consumer Goods
Meeting food and consumer demands: focus on value addition and processing
In Nigeria, Agriculture will continue to be a stable driver of GDP growth, with a projected average growth rate of 6.9 percent over the Economic Recovery Growth Plan (ERGP) period. According to the ERGP, by 2020, Nigeria is projected to become a net exporter of key agricultural products, such as rice, cashew nuts, groundnuts, cassava, and vegetable oil.
The major challenges facing the Agricultural sector include: limited access to financing and inputs for farmers; serious threat of climate change on yield; limited access of agricultural outputs to the national and international markets; and security threats to agricultural investment including cattle rustling, kidnapping, and destruction of farmlands by herdsmen; and the inadequacy of mechanized farming and crop production.
As a way of solving these issues, the Green initiative was proposed in the ERGP with the aim to work with key stakeholders to build an agribusiness economy in Nigeria, with one of the striking objectives of increasing agriculture GDP to N21.0 trillion in 2020. The sector is a major focus of the Nigerian Government in attracting investments.
On the other hand, France ties with Nigeria is peculiar. Beyond being an export trading partner, there seems to be like-mindedness between the present French government and the Nigerian government on diversifying economic growth in Nigeria by focusing more on revenue generation through non-oil sectors, of which Agriculture and Fast Moving Consumer Goods (FMCG) remain major drivers. This was the underlying tone during President Macron’s visit to Nigeria in July 2018. Agreements signed during the presidential visit included Urban Mobility Improvement Programme, sustainable water supply, and reforestation, to amounts worth about 475 Million dollars.
This panel will elucidate on opportunities for investors to contribute towards processing and packaging of local produce and agricultural raw materials in order to meet the population demand for food sufficiency.
Moderator: Lehlé Baldé, Business Day, Nigeria
Presentation (10 Minutes): Babatunde Irukera, Director General, Consumer Protection Council, Nigeria
Panelists / Speakers
- Sikiru Rufai, Chief Financial Officer, Honeywell Group – Nigeria
- Jean-Pierre Lucas, President & Chairman, Marlinvest
- Heather Akanni,TA to the Minister, Federal Ministry of Agriculture, Nigeria
- François Burgaud, President, ADEPTA and Co-President, MEDEF Agro-Task Force
- Olabode Abikoye, Director, Bank of Agriculture, Nigeria