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Canada urges Nigeria’s agric sector reform

Canada urges Nigeria’s agric sector reform
Photo by James Baltz- Ask Nigeria

Bilateral investments between the two nations totalled over $1.6 billion.

The Canadian government has urged Nigeria to establish favorable policies to encourage investment in the country’s mining and agriculture sectors. Mr. Teshome Nkrumah, Canada’s Senior Trade Commissioner, announced during a Nigerian-Canadian Business Association (NCBA) roundtable in Lagos titled “Creating Opportunities for Fresh Foreign Direct Investment into the Nigerian Economy.” Nkrumah, also the Deputy High Commissioner of Canada to Nigeria, claims that bilateral investments between the two nations totaled over 1.6 billion dollars, with Canada profiting the most with a 1.2 billion dollar influx.

He remarked that as Canada stood to gain more from the ties, this should serve as notice to put the necessary institutions, framework, and enabling environment in place to enhance trade. Nkrumah went on to say that Canada’s mining investments in Nigeria, totaling $100 million, demonstrated that the government was wary and hesitant to participate in the mining industry. He said that the Canadian government is cautious and endeavors to take advantage of the potential provided by Nigeria’s booming agricultural industry, which generates annual exports of agricultural goods worth more than $82 billion.

Nigeria needs to outline what denotes a value-added agreement.

According to him, investments from Canada in the agriculture sector in Nigeria, which is one-quarter of the Gross Domestic Product of Nigeria, suggest that there are great prospects yet to be tapped in the nation. Nkrumah stressed the necessity for Nigeria to emplace a framework to guide and protect investors and maintain the influx of investment in the nation. He added that a similar accord was discussed between both nations in 2013 and signed in 2014, although Nigeria eventually failed to ratify the pact.

Consequently, when the agreement framework was reintroduced in the first quarter of 2022, Nigeria continued to deny the deal, stressing the need for enticing investments that would substantially contribute to the country’s economy. Nkrumah contends that Nigeria needs to outline what denotes a value-added agreement. He went on to explain that the Canadian government’s appropriate grasp and orderly structure of the agricultural value chain have positioned the agriculture sector as a crucial industry in the nation.

Private sector has a part in attracting investments to the county.

While acknowledging that Nigeria has 28 minerals in exportable amounts, he argues that there is a compelling need to organize and reduce the risk of transacting and addressing foreign currency concerns, finance issues, and macroeconomic issues of insecurity. Canada-based investors will recognize the impression that doing business in Nigeria is not only lucrative but also generally secure, owing to these factors. Mrs. Obaro, president of the Nigerian-Canadian Business Association, recently discussed the youth bulge in the Nigerian labor market, pointing out that this phenomenon is also present in many other developing nations.

However, she argued that the economy cannot support these jobs or even offer a decent quality of life and alleviate poverty. Mrs. Obaro emphasizes that the private sector has an important part to play in fostering a friendly climate for attracting private investments within the country and abroad. She reiterated the importance of these investments in achieving long-term, widespread economic growth. Foreign private capital flows, such as bank lending, direct investment, and portfolio investment, have the potential to elevate the country’s income level from low to medium or high class.

A nation can accelerate expansion by drawing on sources of capital.

By improving the effectiveness of a nation’s investments in its own development, the nation as a whole can accelerate its pace of economic expansion and boost its overall level of productivity by drawing on sources of capital that were not previously used. Mrs. Obaro reaffirmed the objective of the chamber, which is to foster an environment that is friendly to business in order to safeguard the interests of investors on both the local and international levels.


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Admin
1
5 months ago

Canada urges Nigeria’s agric sector reform – Bilateral investments between the two nations totalled over $1.6 billion. – Express your point of view.

Member
9
5 months ago

Canada investors will recognize the impression that doing business in Nigeria is not only lucrative but also generally secure. Even though they are the most beneficiaries of the proposed, they trusted us. It good we are gradually getting our deserved recognition.

Member
9
5 months ago

Our government should make use of the advise by the Canadian government to reform our agricultural sector so the bilateral trade between both countries can grow well and encourage other investors in partnering with our nation.

Abusi
Member
9
5 months ago

I’m happy Canada is supporting the view that we need to reform our Agricultural sector. We need to to the maximum output we can get from the sector. It will help us to be independent and also self sustaining when it deals with food supply.

Member
10
5 months ago

Nigeria Government are the problem of Agriculture. Nigeria government need to take advice from Canada government

Member
8
5 months ago

These elements will give Canadian investors the notion that conducting business in Nigeria is not only profitable but also typically secure.

Member
8
5 months ago

Canada’s investments in Nigeria’s agriculture sector, which accounts for one-fourth of the country’s GDP, indicate that there are excellent opportunities in the country that have not yet been fully realized.

Member
8
5 months ago

It is excellent that the government of Canada has asked the government of Nigeria to develop favorable policies that will stimulate investment in the mining and agriculture sectors of the African nation.

Member
10
5 months ago

If the agreement is sign according to this article,Nigeria have lots to gain which can help the country to gain more foreign investors that will invest in agric sector and this will boost the economy and also it will provide thousands of jobs for the citizens.

Member
8
5 months ago

The amount of money invested bilaterally between the two countries came to more than a lot of money billion dollars, with the greatest benefit accruing to Canada, who received an influx of a lot of dollars.

Member
8
5 months ago

Given Canada’s greater potential for gain from the ties, it is imperative that the country take the required steps to establish the institutions, framework, and enabling environment to boost trade.

Member
9
5 months ago

The government of Canada exercises caution while also making an effort to capitalize on the opportunities presented by the rapidly expanding agriculture sector in Nigeria.

Member
9
5 months ago

It is essential for Nigeria to establish a structure that will direct and safeguard investors so that the country can continue to attract a steady flow of investment dollars.

Member
8
5 months ago

the chamber’s goal, which is to protect the interests of local and foreign investors, is to create a climate conducive to commerce.

Member
9
5 months ago

There is a significant role for the private sector to play in creating a welcoming environment that is conducive to attracting private investments both within the country and abroad.

Member
9
5 months ago

Reforming our agricultural sector will be the best thing to do the bilateral trade agreement the two countries will help to improve our agriculture and we should maintain the relationship because we will benefit from it alot

Member
8
5 months ago

Canada benefited greatly from the over a lot of money billion dollars that were invested bilaterally between the two countries, but both countries reaped benefits.

Member
9
5 months ago

Because of these factors, Canadian investors would get the impression that doing business in Nigeria is not only likely to be profitable but will also be relatively risk-free.

Member
8
5 months ago

For Canada to reap the full benefits of these ties, the country must take the necessary measures to create the institutions, framework, and enabling environment for increased trade.

Member
9
5 months ago

What is killing our mining and agricultural sector as rightly pointed out by the Canadian government is basically our failed government policies. If the right policies are enacted and every support is given in these sector then we are such of recording success.

Member
9
5 months ago

Canadian government has given an important advise to our government on mining and agricultural sector. I hope they will act on it if they are actually interested in the development of these areas.

Member
9
5 months ago

The bilateral trade deal between the two nations will assist to enhance our agriculture and we should continue the connection since we will profit much from it.