In an effort to increase agricultural productivity and improve job creation in the non-oil sector, the federal government has invested over N10 billion in a local firm, Pandagric Novum.
The company disclosed in a statement made available to the media over the weekend.
With the fund, the company plans to increase maize export, boost food security and strengthen the nation’s agriculture value chain.
At a briefing held in Abuja ahead of the official inauguration of the company’s facility in Nasarawa State, Managing Director, Bruce Spain, said the company plans to produce 10 tonnes of maize per hectare.
He said “The goal of the company is to achieve over 10 tonnes (of maize) per hectare in the coming few years. However, if we can double our national average of maize from 1.5 tonnes per hectare to three tonnes per hectare using good genetics and farming practices, then we will double our national output.
“Nigeria very quickly will become a net exporter of maize and create food security. In addition, we will reduce the negative environmental impact associated with opening and farming more land.
“We aim to get these practices into the farming communities and start to see yields and agricultural output rise in Nigeria.” Pandagric stated that the forthcoming inauguration of its facility in Nasarawa was under the auspices of the Nigerian Sovereign Investment Authority, an investment institution of the Federal Government, and Signature Agri Investment, an investment portfolio agency based in The Netherlands.
Also speaking on the project, the Managing Director, NSIA, Uche Orji, said, “Agriculture is a key focus sector for the Nigeria Sovereign Investment Authority and an important sector for the Nigerian economy, with high potential for employment generation, poverty alleviation and ultimately food security.”