FG encourages participation in agric sector, approves tax break for investors

Adebayo Obajemu

The Minister of Agriculture and Rural Development, Dr. Mohammad Abubakar, has said that the Federal Government of Nigeria has approved 5 years tax break for agricultural production and processing in Nigeria.

Other incentives include: tax-free agricultural loans with a moratorium period of over 18 months and repayment period of not more than seven years; and zero-tariff rates on the importation of agro chemicals.

With these,the federal government expected a boost in agriculture and agro-allied industry, but analysts have argued that the first issue to address is the lingering security challenge which has made it difficult for farmers to return to their farmlands as a result of incessant attacks by bandits and Fulani herdsmen.