Business

Osinbajo: We’re working to prioritise investment in agriculture

Published

5 years ago

May 1, 2021

The Vice President, Prof Yemi Osinbajo (SAN), on the 29th of April, said Nigeria is prioritising innovation and technology investments in agriculture so as to transform the sector by attracting young people and scale up productivity.

According to a statement issued by Senior Special Assistant to the President on Media and Publicity, Office of the Vice President, Mr Laolu Akande, Osinbajo stated this in a remark he delivered virtually at the 2021 High-Level Dialogue on Feeding Africa.

The event is organised by the African Development Bank (AfDB) and the International Fund for Agricultural Development (IFAD), in partnership with the Forum for Agricultural Research in Africa (FARA) and the CGIAR System Organisation with the theme “Feeding Africa: leadership to scale up successful innovations.”

Highlighting the programmes of the government to ensure agricultural transformation in Nigeria, Prof. Osinbajo listed the Economic Sustainability Plan, National Livestock Transformation Plan and Green Imperative Project, among other initiatives.

He said: “At the heart of Nigeria’s post COVID-19 recovery plan, or what we describe as our Economic Sustainability Plan is an Agriculture for Food and Jobs Plan (AFJP) where we seek to leverage suitable technologies to build a resilient food system for Nigeria especially in the light of the economic, health and food supply chain devastations caused by the pandemic. Implementation is well underway and we have quite a few impressive results already.”

Further, the Vice President said during the COVID lockdowns, “we trained and deployed over 34,000 young graduates all over the country, covering over 8,000 local government wards in 774 local government areas. Each of these young men and women had a locally developed app on smartphones and electronic tablets to digitally register farmers and map out their farm GIS coordinates.

“So, we have registered and mapped about 6 million small-holder farmers to their farmlands and we are also currently collecting 200,000 composite soil samples from these farms to be analyzed in 22 local soil laboratories to guide local fertilizer blending”, he said.

Continuing, Osinbajo said “on the back of the farmer-farm database which we developed, we are creating a digital Agriculture Exchange Programme (AgExchange), working with the Alliance Rabobank and MasterCard in collaboration with some local FinTech companies. These FinTech companies (FarmCrowdy, Infinera, CropIT) are run by young Nigerians.

“The AgExchange will be an ecosystem or one-stop-shop for providing a range of services and products to small-holder farmers such as real-time e-subsidies, credit-connect by providing credit score of farmers on the platform and linking them to financiers, insurance services, market place services for connecting producers, aggregators and off-takers based on competitive market prices. Input suppliers, weather, pests, and disease indexing services will be provided on the exchange as well. The budget for the Agriculture for Food and Jobs Plan AFJP is $1.5billion.”

On the National Livestock Transformation Plan (NLTP), Prof Osinbajo noted that the focus is on “transiting gradually from nomadic system of cattle production to the more sedentary method of ranching. This will involve training pastoralists in new ways of producing and rearing cattle sustainably to address the challenges of resource-based violent conflicts between crop farmers and cattle herders, and the generally low milk and beef productivity of indigenous cattle breeds.”

The Vice President explained that “an indigenous technology company has developed a microchip for tracking the cattle and we are working on a pilot project with one of our development partners – the Netherlands government.”

“All the energy on the ranches will be from biogas from cattle dung and solar power. The ranch will be an integration of crops, pasture, and trees. The crops for the need of the pastoral household, the trees to fight desertification and enhance carbon sequestration rather than emission.

“Funding for this is from budgets of the Federal and State governments and bilateral support from development partners such as the Netherlands. The initial sum is in the order of 280 million USD,” he added.

Regarding the Green Imperative Project (GIP), the Vice President said that the €995 million, a 5-year project which is funded by the Import/Export Bank of Brazil (BDES) with support from Deutsche Bank, Islamic Development Bank, and others, will aim at agriculture technology transfer from Brazilian Original Equipment Manufacturers (OEMs), Research and Training Institutes to Nigeria’s entrepreneurs, Research Institutes and businesses.

“The project involves the reactivation of dormant or partially operational privately owned agricultural equipment, assembly plants, establish 632 privately-owned primary production support service centers to sell farm mechanization services to smallholder and commercial farmers to address low productivity issues.

“Part of the plan also is the establishment of 142 privately owned agro-processing service centres which will be to address post-harvest losses, path to market and supply chain challenges, and train about 100,000 new extension agents to address farmer advisory service delivery challenges with new technology and practice adoption”, he said.

“An important feature of our strategy is encouraging our young techprenuers into agriculture and AGRO services and we are enjoying some success with the technology for our AGRO exchange, and our Central Bank is also licensing FinTech companies using mobile technology platforms.

“Some of them have been able to give non-collateral credit using credit scoring algorithms to determine credit worthiness of farmers. This is a very important part of our whole financial inclusion project because these FinTech companies are able to reach farmers practically anywhere, rate them using their credit scoring algorithms and get credits across to them in many of the far-flung areas,” the VP explained.

Other African leaders who spoke at the event included President of the Democratic Republic of the Congo, Félix-Antoine Tshisekedi Tshilombo; President of Senegal, Macky Sall; President of Mali, Bah N’Daw; President of Burkina Faso, Roch Marc Christian Kaboré; Prime Minister of Sudan, Dr. Abdalla Hamdok; President, Federal Democratic Republic of Ethiopia, Sahle-Work Zewde; Prime Minister of Sudan, Dr. Abdalla Hamdok, among others.

Other speakers included President of the African Development Bank, Dr Akinwunmi Adesina; Former UK Prime Minister, and Executive Chairman of the Institute for Global Change, Mr Tony Blair; President, International Fund for Agricultural Development (IFAD), Gilbert F. Houngbo and the Special Envoy of the UN Secretary-General on 2021 Food Systems Summit, Ms Agnes Kalibata, among others.

Auto

NADDC Pushes Affordable Auto Loans to Boost Vehicle Ownership, More Jobs

Published

1 hour ago

September 21, 2026

Trends Admin

NADDC Pushes Affordable Auto Loans to Boost Vehicle Ownership, More Job

The National Automotive Design and Development Council has called for far-reaching reforms in vehicle financing to make car ownership more affordable while boosting local vehicle assembly, job creation and industrial development.

The Council said a properly structured financing system could turn vehicle credit from a mere consumer lending product into a major economic tool for expanding productive mobility and strengthening Nigeria’s automotive value chain.

Director-General of NADDC, Otunba Joseph Oluwemimo Osanipin, stated this in an address delivered on his behalf by the Council’s Principal Information Officer, Tanko Kyumnom, at the Lagos Chamber of Commerce and Industry (LCCI) Auto Sectoral Group Symposium in Lagos.

The symposium, held on Thursday, September 17, 2026, at the Henry Fajemirokun Hall of LCCI, was themed: “From Subsidy to Credit: Can Vehicle Financing Replace Fuel Subsidy as Nigeria’s Mobility Equaliser?”
Osanipin said the growing cost of mobility had made it necessary to explore financing models that would enable individuals, businesses and transport operators to acquire vehicles without bearing the full cost of ownership upfront.

According to him, spreading vehicle payments over an agreed period could provide a more sustainable pathway to vehicle acquisition, provided that the financing products are affordable, accessible and structured around the economic realities of Nigerian consumers.

He, however, cautioned that simply making credit available would not be enough.
“Vehicle financing offers a more sustainable approach by enabling individuals, businesses and transport operators to acquire vehicles and pay for them over time,” Osanipin stated.
The NADDC DG said the bigger opportunity lies in linking vehicle financing with the growth of locally assembled and Nigerian-made vehicles.

He explained that increased access to credit for locally produced vehicles could generate wider economic benefits by stimulating demand for domestic assembly, supporting component manufacturers, creating jobs and strengthening local supply chains.

Osanipin therefore urged stronger collaboration among government institutions, financial institutions, vehicle manufacturers and other stakeholders in designing financing schemes capable of supporting both mobility access and automotive industrialisation.

The NADDC boss identified affordable vehicle loans, leasing arrangements, fleet financing, credit guarantees and appropriate interest-rate support as mechanisms that could broaden access to vehicle ownership and productive mobility.

lt also stressed the need for repayment structures that take into account the earning patterns and business realities of Nigerians, particularly transport operators and small businesses whose vehicles are directly linked to their income-generating activities.

Osanipin maintained that the objective should extend beyond increasing the number of vehicles on Nigerian roads.
“The goal is not simply to put more vehicles on Nigerian roads. It is to ensure that Nigerians can access productive mobility without placing an unsustainable burden on government finances or household incomes,” he said.

According to him, a properly structured automotive financing system could create a stronger connection between mobility, economic inclusion and domestic vehicle production.

“With the right policies and partnerships, vehicle financing can become a powerful instrument for mobility, economic inclusion and automotive industrial development,” Osanipin added.

The NADDC’s position places vehicle financing within the broader effort to build a sustainable automotive ecosystem in Nigeria—one in which access to credit supports vehicle users while also creating stronger demand for local assembly, components and associated automotive services.

Auto

Jetour T1 Storms Abuja as Automaker Accelerates Nigeria Expansion

Published

6 hours ago

September 21, 2026

Trends Admin

Jetour T1 Set to debut in Abuja as Expansion Gains Momentum

Following a successful debut in Lagos, Jetour Nigeria will host the Jetour Experience Abuja from September 22 to 24, 2026, positioning its all-new T1 model as a major competitor in the country’s growing adventure SUV market.

The three-day event in the Federal Capital Territory will give prospective buyers and motoring enthusiasts direct access to product demonstrations, expert-led technical sessions, and hands-on test drives.

“Strong participation, extensive test drives, and significant sales enquiries at the Lagos edition, coupled with growing demand from Abuja residents, influenced the decision to bring the experience to the nation’s capital,” the company said in a statement. The show holds at Maha Event Centre, Area 8, Garki.

To support its growing national footprint, Jetour Nigeria has established a network of seven accredited dealers: Elizade Nigeria Limited, New Era AutoVehicle Services Limited, Kojo Motors, Germaine Auto Centre, Tab Autos Limited, R.T. Briscoe Motors, and Mandilas Autos. The partnerships cover retail sales, genuine spare parts supply, and comprehensive after-sales maintenance.

Jetour T1 Set to debut in Abuja as Expansion Gains Momentum

Auto

Abuja Demand Rises as Jetour Brings X70 Plus Experience to FCT

Published

2 days ago

September 20, 2026

Trends Admin

Abuja Demand Rises as Jetour Brings X70 Plus Experience to FCT

Jetour Nigeria is taking its seven-seater X70 Plus SUV to Abuja as rising interest from motorists in the Federal Capital Territory and neighbouring states fuels the brand’s latest push to deepen its presence across Nigeria.

The X70 Plus will headline the Jetour Experience Abuja, holding from September 22 to 24 at Maha Event Centre, Area 8, Garki, following the strong response recorded during the Lagos edition, where motorists turned out for test drives and made enquiries about Jetour models.

The Abuja activation is designed to give prospective buyers direct access to the X70 Plus and other models, with opportunities to test-drive the vehicles, engage product specialists and experience their technology, safety and comfort features.

The X70 Plus is positioned as a family-oriented SUV, offering seven-seat capacity and a range of features targeted at customers seeking comfort, technology and practicality.

The SUV is available with 1.5-litre and 1.6-litre turbocharged engine options, with outputs of up to 145kW and 290Nm of torque, paired with a dual-clutch automatic transmission.