Bloomberg adds $250m investment in agric sector

Bloomberg, a firm with focus on warehouse storage for perishable foods, has concluded plans to invest $250 million (N41.75bn) investment in the agricultural sector for the warehousing of perishable foods in the country.

Akinwunmi Adesina, minister, agriculture and rural development, said on Monday that this was the result of series of discussions he had with some managing directors of multi-national companies at the recently concluded World Economic Forum Africa in Nigeria.

The minister said this while addressing commissioners of agriculture from the South-west region, and urged them to ensure priority was given on revival of the farm estates in the region, which would boost agricultural production in the region and the country in general. He said:”The Federal Government should be willing to work with you in having good ICT infrastructure and other social infrastructure investment to attract younger ones to the sector.

“In the 1960s, when agriculture was the mainstay of the country’s economy, University of Ibadan and several other government organisations were established through the economic influence of the agricultural sector, we are set to restore that glory now through your collaboration.”

He further urged the commissioners to ensure they take full advantage of the areas of their competitive advantage in agriculture, like the cocoa and oil palm, as he revealed Federal Government’s support to the region in key areas of agricultural transformation.

According to him, “through the Growth Enhancement Scheme of the Federal Government, we have distributed 4 million sprouted nuts in the South-west region to boost oil palm production. This would boost value addition and support.” In addition, he said, “we have built 25,000 metric tons of silo in Akure ready for commissioning.”

Meanwhile, Ronke Sofekun, commissioner of agriculture in Ogun State, while appraising the visit lauded Federal Government’s agricultural transformation and pledged commitment of the state commissioners in partnership with the Federal Government programmes.

Harrison Edeh