Minister Woos Investors on Food, Energy Security in Africa

Emmaneul Olorunda–Otaru

The Minister of Justice and Attorney General of the Federation, Lateef Fagbemi, has assured both local and foreign investors that Nigeria is a safe place to invest in, as the current administration is creating the enabling environment and tackling corruption.

He said Nigeria currently has 14 bilaterial investment opportunities noting that Nigeria is not as bad as being painted, and people should not rely on what the social media is saying.

The Minister made this remark at the “Food and Energy Security in Africa Conference, jointly organised by: Africa Finance Corporation (AFC); White & Case, an international law firm; Nigeria Sovereign Investment Authority (NSIA); and Afreximbank.

He spoke on the topic: “The Rule of Law and Attracting International Investment Towards Food and Energy Security in Africa.”

According to Fagbemi, “This government recognises that respect for the rule of law serves as the foundation of attracting vital investment and is therefore committed to the rule of law at all times. The issue of rule of law and economic development are intertwined.”

On the question of corruption in the system, he said that the ICPC and EFCC are working with other agencies to tackle it, and have recovered proceeds of crime. “For example in 2022, the total of almost 4,000 convictions were secured”, he said.

On his part, the Minister of Agriculture and Food Security, Abubakar Kyari said the administration of President Bola Tinubu has made it a top priority to boost agriculture as a pathway to food security and economic stability.

“We are determined to transform our agricultural land-scape, we can’t do it alone. This strategic collaboration such as this one, are vital for sustainable solution. Our agriculture sector, a pillar of Nigeria’s economy faces various obstacles that limits its potential. The implication of insecurity extends beyond hunger, it affects health, diminishes productivity of our labour force and contribute to social and economic instability, and undermining the wellbeing of future generation,” he further said.

In a keynote address by one of the key partners, Deji Adegoke, Partner and Head of Africa Practices, White & Case LLP, said “We see Africa as both the present and the future, that underscores our commitment to Africa. Africa has 60 percent of the world’s arable farmland. Agriculture is 70 percent of the population of the continent. However, Africa only contributes 10 percent to the global agriculture output; a very worrying disastrous situation that needs to be address.”