The Group Managing Director of Amo Group, Dr. Ayoola Oduntan, has called on the federal government to place the agricultural sector as the top priority in its quest to reverse the downturn in the economy, considering its huge contribution to employment, food security, and the nation’s development.
Oduntan insisted that the Federal Government’s spend on agriculture is inadequate to stimulate the desired turn around, compared to the 10 percent agreed in the Maputo Declaration by the African Union in 2003 and endorsed by member countries.
He made this submission at the joint conference of the Bank of Industry (BOI) and the International Finance Corporation (IFC) held on Monday, 5th February 2024, in Lagos, with the theme “Empowering Futures: A Collaborative Journey in Financing Nigeria’s Industrial Sector,” and well-attended by Chief Executive Officers of Banks, Insurance Companies and Captains of industries.
Citing an example, he said the country produces about a million tons of soyabeans annually, which is mostly exported. This is a welcome development as it brings in desired forex.
However, for the poultry Industry to survive in 2024, Oduntan said it must import soya bean meal from outside Nigeria as the price continues to rise and scarcity ensues.