Opportunities for investment in Nigeria’s agri-space has been described as limitless by the Chairperson of Lagos Chamber of Commerce and Industry (LLCI) Agric Group, Mrs Edobong Akpabio.
Akpabio gave the insight in a presentation at the Archbishop Vining Memorial Church Cathedral, Ikeja “Agro Food Processing & Packaging Seminar” on Friday 18th June, 2021.
She urged anyone interested in investing in agriculture to first seek out vital information about the sector.
“There are almost limitless opportunities for investment in the agriculture sector in Nigeria, you can find information on these opportunities on many platforms, most of them at the fingertips. They include: Government policy; The media; Agriculture value chain; Agribusiness and consumer needs, etc.”, she said.
She noted that investment insights could be gleaned from studying the national budget for instance: “Successful business owners pay significant attention to government policies and budgets because it points them to the direction of government interest, support and expenditure. They will brainstorm, analyse and take note of the impact of the policy on their business. Government policy usually has a wide impact, affecting daily living and activities, many times, long term. Entrepreneurs who ignore that do so at their own peril and find themselves being helplessly reactive when the consequences hit their business due to their unpreparedness.”
According to Akpabio, entrepreneurs that desire to be successful must learn to read, study and analyse the national, state and Local Government policies and budgets in order to identify the opportunities for their business and/or make plans for the mitigation of adverse effects on their business.
She further highlighted the agriculture value chain as a good source of knowledge and information for investment opportunities, as it depicts the relationship among the actors/activities that bring agricultural produce from production to the consumer and the value added at each stage.
The LCCI Agric Group Chair urged would-be investors in agriculture to obtain lots of information and knowledge for business in Agriculture by studying the needs of consumers, to help them determine what needs to meet; what gaps to fill; what change to offer and what kinds of solution to innovate.
Akpabio advised investors to continuously seek out relevant publications such as books, newspapers, business magazines & journals (social media inclusive) for information & direction for investment in agriculture.
“Opportunities abound in the agricultural sector for investors in Nigeria. Apart from the damage that COVID19 wrought on the global food system, AfCFTA brings a 1.3 billion market to investors in Agriculture,” she said