At the BusinessDay Future of Agriculture Conference in Lagos, experts addressed the challenges hindering Nigeria’s agricultural sector, with a particular focus on the need for enhanced financing, modern technology, and mechanization. Stakeholders discussed how outdated farming techniques, poor access to credit, and weak infrastructure are impeding the nation’s food security efforts. Industry professionals stressed the importance of policy changes, increased agricultural financing, and large-scale mechanization to boost productivity and reduce reliance on food imports.

Femi Adekoya, founder of Integrated Aerial Precision, emphasized the indispensable role of technology in agriculture. He highlighted innovations like drone technology and precision farming, which can significantly increase efficiency and output while safeguarding farmers from hazardous pests and diseases. Adekoya pointed out that with the use of drones, farmers can manage over 100 hectares in a day, improving both productivity and safety.

Financing remained a critical concern throughout the discussions. Kola Masha, managing director of Babban Gona, argued that agrifinance is essential to unlocking Nigeria’s agricultural potential. With 34 million hectares of arable land, Masha believes that increased access to affordable loans would allow smallholder farmers to boost production and meet national food demands. The experts called for financial institutions to adopt innovative models to provide smallholder farmers with the necessary inputs and support.

Mechanization was another key issue raised at the conference. Godson Ohuruogu, CEO of TracTrac Mechanisation Services, highlighted the severe tractor shortage in Nigeria, which limits the potential for large-scale mechanized farming. Ohuruogu also emphasized the need for government-backed incentives to increase tractor availability and support the transition of smallholder farmers into more commercial ventures. Additionally, challenges such as climate change and poor infrastructure were noted as exacerbating food insecurity, urging immediate action for long-term agricultural transformation in Nigeria.

Source: business day