Reps task Buhari to develop blueprint on agric revolution

Uzoma Nkem-Abonta, chairman, House of Representatives Committee on Public Petitions, has called on President Muhammadu Buhari to develop a blueprint for agricultural revolution.

Nkem-Abonta also emphasised the need for Federal Ministry of Agriculture and Rural Development to develop a blueprint for the revival of the comatose palm oil estates and refineries, stressing that “with proper policy and legal framework, foreign and local investors will be attracted into the sector.”

Nkem-Abonta, sponsor of the bill titled: “A bill for an Act to regulate Commodities Future Trading in Nigeria, provide for the establishment of the Commodities Future Trading Commission and for other matters, 2016,” expressed optimism that the legislation would boost Federal Government’s efforts to diversify the nation’s economy.

Nkem-Abonta, who spoke at the weekend in Abuja, explained that agriculture had the potential of generating about 5 millions jobs for the teeming Nigerian youths, increase the foreign earnings and reduce huge losses of agricultural produces through the Commodity Exchange.

To this end, he urged President Muhammadu Buhari to “shift his energy in trying to empower Nigerians by spare-heading revolution in agriculture,” stressing that the Commodity Exchange had the capacity to “mobilise funds on its own,” as applicable in the capital market.

While expressing support for the discontinuation of the N5,000 stipend for the unemployed youths, Nkem-Abonta urged Buhari’s administration to “channel the fund to farming by providing start-up capital, tractors and land” for willing youths who expressed interest in venturing into agriculture.

According to Nkem-Abonta, if the Commodity Exchange is effectively managed, it will enable Nigerian farmers to increase foreign earnings through exportation of palm oil, cocoa, yam, tomatoes, groundnut, among others.

He noted, “individuals don’t fix price of cocoa in Ghana because it is regulated by its Commodity Exchange. So, when we have a functional Commodity Exchange, foreigners who take advantage of our laxity cannot determine our agricultural products as being done to crude oil.

“All the agricultural produces sold abroad are unregulated and sold at loss to the economy,” adding that a drum of Nigerian palm oil was more expensive than a barrel of crude.

“Nigeria is known to be traditionally dependant on agriculture for the sustenance of her economy. Nigeria was known as the world’s largest producer of oil palm; she also made giant strides in the production of commodities like groundnut, cocoa, rubber, and various oil seeds.