Former President Olusegun Obasanjo has said for the forex ban on food importation to be effective, it is imperative government provides policy that would make the nation self-sufficient in food production.
Speaking at the ICA National Credit Managers Conference 2019 in Lagos, yesterday, Obasanjo stated that putting the right policy in place to enable the nation to become self-sufficient and secure was fundamental, and anything contrary would be a disaster, as prices of food would skyrocket.
He urged government to invest in agricultural business, as it is sustainable and would create jobs for Nigerians
He said: “We take farming as agriculture, and that is where we are getting it wrong. Agribusiness has a huge value chain, thereby, leading to wealth creation and job employment. It can also lead to foreign exchange for the government.”
He identified policy inconsistencies, lack of successor generation of farmers, infrastructure challenge and lack of long-term planning, as some of the challenges confronting the sector, adding that reasonable loans should be provided to investors in agribusiness at reasonable interest rates.
“All hands must be on deck, as short, medium and long-term planning is important to make agribusiness successful,” he said.
The Managing Director, Asset Management Corporation of Nigeria (AMCON) Ahmed Kuru noted that trust is important in credit management.