The Speaker of the House of Representatives, Honourable Tajudeen Abbas, has pledged the determination of the 10th Assembly to enact laws that would enable agricultural banks and other financial institutions to provide low-interest loans to farmers to achieve food security.
He said the future of oil is uncertain, making it imperative for the country to invest in alternative sectors of the economy.
President Abbas’ observations were contained in his remarks at the 2nd Interactive Session and Workshop on Developing Business Plans/Banking Proposals for Youth and Women in Agriculture, organized by the African Development Bank Group in partnership with the International Institute of Tropical Agriculture (IITA), the Nigerian Diaspora Commission (NiDCOM) and the Nigerian Agricultural Insurance Commission (NAIC), in Abuja.
Represented by his Deputy, Honourable Benjamin Kalu, President Abbas urged the African Development Bank to continue its collaboration with the Committee for Cooperation and Integration in Africa, stressing that this partnership is essential to advance initiatives that can generate significant progress across the continent.
He said: “As we gather here, it is crucial to recognise that our over-reliance on oil as our main export is no longer sustainable or prudent.
“The future of oil is increasingly uncertain, especially as the international community turns to greener and more sustainable energy sources. This reality makes exploration and investment in alternative sectors not only necessary but urgent, with agriculture being a crucial sector for development.
“Agriculture and information technology offer vast potential for economic growth and sustainability. By focusing on developing and implementing profitable business projects, we can empower our youth and women, two of the largest demographic groups in our society, to become key players in these sectors.
“In line with our legislative agenda, we are committed to supporting youth development. Working closely with the executive branch, we aim to launch public works programmes targeting youth, particularly in infrastructure and agricultural development.
“We are also committed to establishing a strong legislative framework that supports agricultural banks or financial institutions, enabling them to provide low-interest loans to farmers. This framework is essential to fostering a thriving agricultural economy.
“I urge the African Development Bank to continue its collaboration with the Committee for Cooperation and Integration in Africa. This partnership is essential to advance initiatives that can generate significant progress across the continent.
“This collaboration also ensures that important African Development Bank projects will receive the support and attention they need to succeed from the legislature.”
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