Chief Aminat Temitope Ajayi, the Managing Director of Silicon Valley Nigeria Economic Developments (SVNED), has expressed her views on the recent removal of petrol subsidy by President Bola Tinubu. She emphasized that the harsh impacts of the subsidy removal will be cushioned by the implementation of a national food security subsidy.
In the wake of the fuel price hike, which saw petrol pump prices soar to N617 per litre in Abuja and between N568 and N700 in Lagos and other states, Chief Ajayi empathized with Nigerians who are grappling with the increased costs. However, she remained hopeful that the high fuel prices would eventually stabilize and even decrease due to market forces and dynamics.
The Silicon Valley Nigeria Economic Developments (SVNED) Director believes that tapping into Nigeria’s vast agricultural potential is key to addressing national food insecurity, unemployment, and inflation, fostering the growth of small and medium enterprises (SMEs). She commended the Federal Government, under President Tinubu’s leadership, for declaring a state of national emergency on food security, recognizing the urgent need to combat the prevailing food inflation in Nigeria.
Chief Ajayi lamented the current state of food insecurity in Nigeria, where a population of over 200 million is facing challenges in access to food. Despite the country’s significant agricultural resources, such as 34 million hectares of arable land, 6.5 million hectares used for permanent crops, and 30.3 million hectares of meadows, Nigeria has been relying heavily on food imports, with transactions amounting to over N1.9 trillion in 2022 alone.
According to the National Bureau of Statistics (NBS), food imports reached a value of N464.45 billion in the second quarter of 2022, reflecting a notable increase compared to previous quarters. Chief Ajayi expressed her concern over this trend and stressed that Nigeria has the potential to become self-sufficient in food production and even emerge as a net exporter of food products.
Commending President Tinubu’s commitment to agriculture, as demonstrated through the recent media briefing by Special Adviser Dele Alake, Chief Ajayi highlighted the partnership between SVNED and Arewa Farms, as well as NIRSAL Microfinance Bank and other organizations, to support food security initiatives. She called upon the Federal Government to provide necessary support to these efforts to boost food production and entrepreneurship across the country.
As part of her commitment to agricultural development, Chief Ajayi facilitated interactions between Arewa farmers and prominent traditional rulers, including the Ooni of Ife, His Imperial Majesty Oba Adeyeye Enitan Ogunwusi, and Etsu Nupe, His Royal Highness, Alhaji (Dr.) Yahaya Abubakar, who accepted to be patrons and chairman, respectively, of the agricultural empowerment program.
The key solution proposed by Chief Ajayi to address the issue of food subsidy is the implementation of a national food security subsidy. She revealed that SVNED has partnered with Arewa farmers to apply for an intervention loan for agriculture and small cottage industries, awaiting approval. Additionally, SVNED has been appointed as one of the Entrepreneurship Development Institutions (EDI) under the Agri-Business/Small and Medium Enterprise Investment Scheme (AGSMEIS) Loan Programme for 2023, focusing on training entrepreneurs in effective business practices.
Chief Ajayi applauded the present administration for supporting the farmers and entrepreneurs through various intervention programs, emphasizing that these initiatives serve as the voice of the masses. She emphasized SVNED’s commitment to boosting food security and proudly reported the commencement of planting on 1,000 hectares of land in Jos, Plateau State, as part of their contributions to President Tinubu’s food security agenda.
In conclusion, Chief Ajayi’s statements highlight the critical role of agriculture in Nigeria’s economic development and underscore the importance of government support and collaboration with agricultural practitioners to achieve self-sufficiency in food production and enhance national prosperity. The nation awaits the implementation of these efforts, expecting positive impacts on livelihoods and the overall economy.
