Diversification: EU Unveils Digital Platform to Boost Investment in Agribusiness
The European Union Delegation to Nigeria and ECOWAS has launched the EU-Nigeria Agribusiness Platform, aimed at increasing private investments in the country’s agribusiness sector and diversifying the economy.
The initiative seeks to contribute to the reduction of food insecurity and poverty as well as the attainment of sustainable economic development in the country.
Deputy Director General, Directorate of International Partnerships (INTPA), European Commission, Myriam Ferran, said the idea for an agribusiness platform stemmed from the commitments of the November 2020 EU-Nigeria Ministerial Dialogue.
Essentially, the platform will contribute to boosting the exploration and exploitation of agribusiness opportunities between Nigeria and the EU through the establishment and maintenance of a network of active members of agribusinesses across both parties
An agribusiness platform is a form of a digital agricultural platform that provides digital marketing, trading or investment space for commercial and/or transactional activities, interactions, communications, integrations and cooperation in the agri-food system and agro-industry between Nigerian and European SMEs.
The digital platform’s primary focus is to create linkages and interactions between Nigeria and EU agribusiness stakeholders especially amongst SMEs; promote trade and investment between both sides.
In consultation with the federal government, the initiative was unveiled as a structured dialogue between Nigerian and EU farming and agri-food communities, agricultural and agro-industrial sectors to promote trade and attract responsible investment, and to foster business linkages, particularly for SMEs.
Sustainable agriculture remains a cornerstone for economic development and sustainable growth in the country as the agricultural sector contributes about a quarter of the gross domestic product (GDP).
Considering its importance, successive Nigerian governments have been striving to diversify the economy from its crude oil dependence by rejuvenating the agricultural sector through different agricultural policies and programmes in order to promote and propel the agricultural sector for enhanced productivity and increased agri-food commodity base.
The volume of EU-Nigeria trade stood at €24.6 billion in 2023 – 18.7 per cent lower than 2022.
The EU remains Nigeria’s biggest trading partner, first investor, top donor of humanitarian and development aid, and the biggest diplomatic network.
Meanwhile, Agribusiness Register Limited, a private sector entity conversant with the agribusiness ecosystem, will manage the EUNigeria Agribusiness Platform.
The idea of handing over the platform to a private sector-led entity working in partnership with public and private sector stakeholders came out during a stakeholders’ consultative meeting in April 2023.
The company will work with the Federal Ministry of Agriculture, Federal Ministry of Industry Trade and Investment, Nigeria Export Promotion Council (NEPC), Standards Organization of Nigeria and the Ministry of Communication and Digital Economy.