Investors in Nigeria’s agricultural sector are in for a treat as various incentives have been put in place for them by the Federal Government. One of such is a five-year tax break, according to The Nigeria Lawyer, an online news media. Minister for Agriculture and Rural Development, Dr. Mohammad Abubakar, made this known at the LAPO Annual Development Forum last Thursday in Abuja.
At the Forum which was themed, ‘Financing agriculture and rural development initiatives in Nigeria: Issues and way forward’, the Minister encouraged Nigerians to invest in agriculture, citing the government’s willingness to support them through enabling policies and acts of commitment. One of such is the fact that the annual budgetary allocation for agriculture has been increased from seven percent to ten percent. He also made mention of the proposed National Livestock Transformation Programme.
According to The Nigeria Lawyer, in his keynote lecture, Prof. Ernest Aiyedun, a professor of Agriculture at the University of Abuja, lamented the good but ineffective agricultural policies formulated by the government over the years. He stressed the “need to ensure adequate budgetary provision and releases targeted to specific areas of need.” Chief Executive Officer of LAPO, Dr. Godwin Ehigiamusoe, also mentioned in his welcome address the hinderances to good security in Nigeria and how LAPO had over the years supported the Nigerian agricultural sector.
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