…growth driven by large private sector companies
National food production increased by 21 million metric tonnes in 2014, according to figures released by the federal ministry of agriculture and rural development.
Compared to previous years when food prices rose astronomically especially during festive seasons, prices of locally produced foodstuffs remain relatively stable throughout 2014 as a result of increased food production except in the security-challenged areas of the north.
The devaluation of the naira by the Central Bank of Nigeria (CBN) towards the end of 2014 therefore did not have much effect on the prices of foodstuffs even during the Yuletide.
Investors
This increased food production is driven more by key private sector food companies such as Dangote, Olam, Stallion that made massive investments in farming/agribusinesses.
Akinwunmi Adesina, minister of agriculture and rural development. stated that private sector investments in Nigeria’s agriculture sector from 2012 to November, 2014 have hit $5.6mn. By estimation, as at end of 2014, private sector investment in the sector is hovering at about N1trn.
In addition, more citizens such as civil servants, retired military officers, other retirees, politicians, young and old professionals, fresh graduates and undergraduates are got involved in food production with increased efficiency. Aside a little more commitment from the customs in intercepting contraband foods such as poultry products, the citizenry also developed greater appreciation for food produced in Nigeria.

Employment
According to the federal government, the increased production and increased demand for Nigeria foods has resulted in the creation of 3.5 million jobs between 2011 and 2014. Retirees, fresh graduates and unemployed producers have created self-employment for themselves by starting farming or agric related businesses.
Except in cases where medium and large farms/agribusinesses employ large numbers of first and second degree holders, many of the paid jobs are taken by secondary school certificate holders, undergraduates working on part time, under-employed professionals and citizens who are not lettered.
ATA
Also, in 2014, farmers, processors and other agribusiness players enjoyed greater lease of life in their businesses through the Agricultural Transformation Agenda (ATA) which has touched many commodities from rice, cocoa, cassava, cashew, vegetables to fish and livestock especially poultry.
The Growth Enhancement Scheme (GES) which provides subsidised inputs to producers of some these commodities and the e-wallet through which fertilisers and seeds are allocated to farmers are still went on in 2014.
Deliberate efforts continued to be made to increase sales for farmers. For instance, though majority of the cassava producers are small farmers, the demand for cassava flour is mainly from the high-end market.
Due to deliberate government policies, foreign retailers such as Spar operating supermarkets in the country now use between 10percent to 20 percent locally produced cassava flour and 80 to 90percent imported wheat flour in the production of bread, cakes, doughnuts and other confectioneries which are patronised mainly by the growing middle class citizens.

Funding
As a result, commercial banks which have hitherto hesitated in giving loans to cassava farmers are somewhat more willing to provide financing to them and producers of other commodities. But issues of demand for collaterals by banks and high interest loans still linger.
The single-digit interest loan opportunities provided by Bank of Agriculture and Bank of Industry are not adequate for the large number of seekers of credit financing. The Nigerian Incentive Based-Risk Sharing for Agricultural Lending (NIRSAL) also did not adequately address this financing challenge.
Credit to the sector has however increased beyond the five percent of bank portfolio it was in 2013. Industry watchers expect it to hit 10 percent by the time official figures on bank lending to the agric sector for 2014 is released.
Other funding opportunities such as the Fund for Agricultural Financing (FAFIN), a private equity and quasi-equity and debt fund which will deploy $100 million in long term finance to agribusinesses is also being floated by the federal government in collaboration with foreign lending institution.
Services
Agribusinesses providing support services to farmers and processors have also increased. These include ICT services, agric equipment hiring services, commodity warehousing, consultancy, training and so on for players along the agricultural value chain...

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