FG plans military-backed protection for agric investments

The Federal Government is developing a military-backed security framework to protect agricultural investments, revive farmlands abandoned due to insecurity, and attract domestic and foreign capital into large-scale food production.

The initiative involves the Ministry of Finance Incorporated, its agricultural investment vehicle, Integrainium Holdings Limited, and the Defence Agricultural Assets and Projects Development Company Limited, with support from Defence Holdings Company Limited.

Speaking with journalists at the signing of a Memorandum of Understanding in Abuja on Tuesday, MOFI’s Chief Investment Officer, Dr Femi Ogunseinde, said insecurity had discouraged agricultural investment and forced farmers to abandon productive land.

“We’ll be leveraging the capabilities of the Defence Holdings Companies Limited and DAFCO to ensure that the security architecture, no matter what part of Nigeria farming takes place, gives the investors the confidence that their funds are safe,” he said.

Ogunseinde explained that the partnership would combine investment mobilisation, technology and security arrangements to restore agricultural activities in affected communities.

“We are seeing a lot of our farmlands abandoned, so much so that, like the previous speakers before me had mentioned, we’ve not been able to produce locally everything we need,” he stated.

He disclosed that the government had identified potential investments, including large-scale soybean production in Yobe State and sugarcane cultivation in Jigawa State.

According to him, Nigeria has an estimated 30 million to 35 million hectares of potentially farmable land, but insecurity has remained a major obstacle to attracting investment.

He described the Yobe and Jigawa initiatives as multibillion-dollar opportunities, although he did not disclose confirmed investment commitments.

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The Managing Director and Chief Executive Officer of MOFI, Dr Armstrong Takang, said the agreement was intended to increase agricultural production, strengthen food security and reduce inflationary pressures.

“We believe that this will lead to a significant increase in the output of food that is being produced. And our view is that it’s not only for food sovereignty, but it will also lead to addressing our food inflation issues that we have,” Takang said.

He explained that the next phase would involve converting identified opportunities into commercially viable projects capable of attracting public and private investment.

Takang added that expanded agricultural production would create greater demand for locally manufactured fertilisers and support Nigeria’s food processing and export industries.

The Chairman and Chief Executive Officer of DAPCO, Aliyu Abdulhameed, said the defence establishment would help provide the security required to attract investment into rural communities.

“The role of the Defence Holdings Company and, by extension, the defence establishment, is to ensure that finance meets agricultural opportunities in a secure manner,” he said.

Abdulhameed explained that serving military personnel, veterans and surrounding communities would be incorporated into agricultural activities to create employment and strengthen rural livelihoods.

He, however, clarified that individual projects would undergo due diligence, investment appraisal and value-for-money assessments before implementation.

Similarly, the Group Managing Director of Defence Holdings Company Limited, Air Vice Marshal Anthony Ndace, said the agreement covered agriculture, hospitality and other potential investment areas.