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Nigeria sets aside US$500mn for agricultural processing plants

Kayode Fayemi, governor of Ekiti State in Nigeria, said that his government would distribute US$500mn for the construction of equipment for agricultural products being manufactured in the state

Fayemi made the announcement at the opening of a two-day conference, during which he sealed a deal with the government in Lagos to work with farmers markets and rice mills in Lagos.

According to the governor, investment in the agriculture sector will help combat poverty in the country, without being too heavily reliant on oil.

The aim of Fayemi's administration this year has been to drive the establishment of processing facilities that will in turn increase production levels for farmers, Fayemi stated.

"My administration is also supporting farmers and youths in facilitating investments in processing equipment and facilities to establish cassava, broiler and fish processing facilities within Ekiti," he added.

The Ekiti State government recently revealed that it has attracted US$300mn in investments in the agriculture sector over the past three years.