The Nigeria Sovereign Investment Authority yesterday said it acquired a fully integrated maize and soya beans farm in Panda, Nasarawa state to expand its investment portfolio in agriculture in the country.
The Managing Director/ Chief Executive of NSIA, Uche Orji, said in a statement that the investment would promote income-generating opportunities for small holder famers under an out-grower scheme and related services.
The acquisition under the UFF-NAIC Agriculture Fund jointly owned by NSIA and UFF Agri Investment, an old mutual specialist fund, is a farm comprising large acreage of farms integrated into a system of feed mills and storage silos.
Orji said the new investment underscores NSIA and UFF’s interest in Nigeria’s agricultural sector, underpinned by a shared vision of existing significant socio-economic opportunities.
“Agriculture is Nigeria’s largest source of employment and remains a key focus area for the NSIA given its potential to contribute towards stimulating the economy,” Orji said.
“The UFF-NAIC Agriculture Fund is seeking to enhance the sector by attracting capital and modern technology to critical aspects of the value chain to stimulate production and related economic activities.
“This modest investment represents a prudently structured entry for the Fund into the domestic agriculture sector, which we believe will prove lucrative and transformational for stakeholders and the sector at large,” he said.
He said the Fund would acquire and develop 3, 500 hectares of land, out of which 2,300 hectares would cover arable area, in a region recognised for its superior soil types, access to reliable irrigation water and history of consistent productivity.
Key elements of infrastructure investments include purchase and installation of an irrigation system covering about 80 per cent of the land area, along with surface drip lines covering the remaining 20 per cent.
Other facilities include water distribution systems, water reservoirs, pumps, and the distribution systems over 2,300 hectares; grain storage and dryers, made up of 50 to 75,000 metric tons of maize and soya bean storage silos, plus dryers and ancillary equipment.
