Senate moves to stabilize Economy by Agric, Food Security
The Senate on Tuesday at plenary resolved to tackle the current economic recession by creating favorable environment for the promotion of Agriculture and Food security.
Deliberating on the report of a joint committee on Finance, Banking and Financial Institutions and National Planning, the Red chamber maintained that for the worsening nation’s economy to be tackled,the following steps must be strictly adhered to:
“Encourage local industries by identifying strategic commodities to be based on regional/state comparative advantage
“Address issues of land tenure systems in Nigeria by encouraging state governments create lands hanks for agricultural investment
“Give incentives to manufacturers of farming equipment to manufacture or assemble them locally.
“Promote commodities exchanges by making available to them on hire/lease or sale through the Ministry of Agriculture and Food Security, idle government warehouses and facilities scattered all over the country
“Deploy PPP to invest in cold rooms to reduce post-harvest losses
Continuing the upper chamber further added:
“Increase significantly the total arable land under cultivation from current 34 million hectares in partnership with state governments.
“Recapitalise and restructure the Bank of Agriculture with a view to bringing in private sector players.
“Prioritise development of critical rural infrastructure such as roads using Sukuk bonds, reactivation centres and off-grid energy solutions via green bonds as part of measures to reduce post-harvest losses
“Strengthen Agriculture research Institutions and Universities with appropriate frameworks developed for the commercialisation of their research findings and produce.
” Improve security across Nigeria’s agricultural investments through a national legislation for community policing and security that empowers farming clusters and associations to ensure security in their communities.
“Provide small holder farmers with access to credit, inputs, modem farming techniques, and extension services to increase their productivity and yields.
“Encourage the adoption of mechanized farming techniques and technologies to improve efficiency and productivity in agriculture.
“Strengthen extension services to provide farmers with training. information, and technical support on modern farming practices, pest management, soil conservation, and crop diversification.
” improve market access for farmers by developing transportation networks, establishing market infrastructure, and facilitating linkages between farmers and markets
” Engaging with security agencies to combat insecurity and secure food.”
Senate also noted that the persistent inflationary trend and the fall of the naira underscore the urgency for proactive measures.
According to the committee report,”The findings from the session illuminate the multifaceted factors contributing to these challenges.
Adding,”As this report indicates, a collaborative effort between the Executive and the legislature, and between the fiscal and monetary authorities is imperative to mitigate the risks associated with a potential hyperinflation and the crash of the naira
supply.”
