US Africa Business Summit: Tinubu’s Administration Incentivises Agribusiness Investments
Jerry Adesewo
At the ongoing US-Africa Business Summit in Dallas, Texas, in the United States of America, Nigeria’s Minister of Foreign Affairs, Ambassador Yusuf Maitama Tuggar, reaffirmed Nigeria’s commitment to ensuring food security and fostering the development of agribusinesses. Highlighting President Tinubu’s eight-point agenda, the Minister emphasised food security as a top priority.
During a high-level dialogue session themed “From Food Security to Thriving Agribusiness: The Case for a U.S.-Africa Strategic Agribusiness Partnership,” Ambassador Tuggar outlined the government’s focus on providing planting materials, promoting year-round farming, and establishing agro-processing zones in the country.
Addressing the challenges of power and its implications for food security, Ambassador Tuggar discussed recent legislative efforts, including the 2023 Electricity Act signed by President Bola Ahmed Tinubu. “The Act deregulates electricity generation, transmission, and distribution, empowering states, individuals, and corporations to participate in the power sector,” also highlighting ongoing infrastructure projects aimed at expanding oil and gas pipelines and enhancing solar power production.
Ambassador Tuggar encouraged potential investors in the agriculture value chain to follow proper channels to avoid complications, emphasising the importance of protecting citizens from land grabbers through appropriate documentation processes.
The dialogue session, moderated by Dr. Mima Nedelcovych, Chairman of AfricaGlobal Schaffer, featured notable speakers including H.E. Joseph Boakai, President of the Republic of Liberia, Sylvia J. Megret, President and CEO of ACDI/VOCA, and Farouk Gumel, Group Executive Director of Tropical General Investments Group.
US Africa Busines Summit: Tinubu’s Administration Incentivizes Agribusiness Investments