International donor agencies as well as stakeholders in the agricultural sector are working in partnership to increase private sector investment in the agricultural sector.
Among the stakeholders driving this initiative are the World Economic Forum, the New Partnership for Africa’s Development, the Sustainable Trade Initiative, the Grow Africa Partnership and the Nigerian Agribusiness Group.
The new partnership would:
- Connect commercial partners: Link stakeholders along respective value chains including both private-private and public-private to develop well-functioning and financially sustainable markets.
- Improve inclusive and responsible business models: Helps the Agriculture industry to tap into best practice and new innovative business models, particularly related to working with smallholder farmers.
- Identify systemic constraints to responsible private-sector investment and convene working groups to develop solutions.
- Facilitate knowledge sharing through a variety of channels, including communities of practice and an annual investment forum.
- Connect to finance: Facilitate agribusiness access to financial service providers and funding partners.
- Contribute to the development of holistic solutions to reduce business risk and combine different types of financial products specific to the agriculture sector.
- Improve the business environment: Engage governments and work to improve policies and investments in the creation of enabling environment to accelerate responsible and inclusive private investments in agriculture.
According to Grow Africa, diversifying Nigeria’s economy to overcome dependence on the oil and gas industries requires a clear focus on agriculture and, in turn, a coordinated effort on the part of multiple stakeholders to establish the agricultural sector as one capable of attracting substantial domestic and foreign investment that can drive inclusive economic growth.