Expert Advocates SMEs Support in Agric Sector

The Group Managing Director of Amo Group, Dr. Ayoola Oduntan, has called on the federal government to place the agricultural sector as the top priority in its quest to reverse the downturn in the economy, considering its huge contribution to employment, food security, and the nation’s development.

Oduntan insisted   that   the   Federal   Government’s   spend   on   agriculture   is     inadequate   to stimulate the desired turn around, compared to the 10 percent agreed in the Maputo Declaration by the African Union in 2003 and endorsed by member countries.

He   made   this   submission   at   the   joint   conference   of   the   Bank   of   Industry   (BOI) and   the International Finance Corporation (IFC) held on Monday, 5th February 2024, in Lagos, with the theme “Empowering Futures: A Collaborative Journey in Financing Nigeria’s Industrial Sector,” and well-attended by Chief Executive Officers of Banks, Insurance Companies and Captains of industries.

Citing an example, he said the country produces about a million tons of soyabeans annually, which is mostly exported. This is a welcome development as it brings in desired forex. 

However, for the poultry Industry to survive in 2024, Oduntan said it must import soya bean meal from outside Nigeria as the price continues to rise and scarcity ensues.