The President of the African Development Bank, Mr. Akinwumi Adesina, said the Federal Government of Nigeria needs to implement policies that will lead to investment opportunities and economic growth
He made this remark at the World Food Summit which held in the Des Moines city of Iowa, United States of America, during which he won the World Food Prize.
According to him, “We must continue to run public policies that get access to seeds and fertilizers for farmers at scale. When I mean scale, I mean at a scale of millions and millions of farmers”.
He further described the Nigerian Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) as a revolution which has made the banking industry see the agriculture sector differently, thus leading to an increase in bank loans given to farmers.
NIRSAL was launched and incorporated in 2011 and 2013 respectively by the Central Bank of Nigeria (CBN) as a dynamic, holistic USD500 Million public-private initiative to define, measure, price and share agribusiness related credit risk.
Adesina called for more focus to be given to the agricultural sector by the federal government, through research provisions and support, He also expressed his delight to the fact that the Nigerian government is paying more attention to the agricultural sector.