The Minister of State for Industry, Trade and Investment, Mrs. Mariam Katagum, has said the federal government is committed to improving the inflow of foreign capital into the country.
She pointed out that capital inflows dipped by 60 per cent in 2020 from $24 billion in 2019 to $9.7 billion. The minister said the government remained determined towards addressing the enormous challenges faced by stakeholders in the agric-commodity value chain in particular.
She said this was why the government launched Nigeria Agri-business and Agro -Industry Development Initiative (NAADI) to among other things rein in the high cost of production, low quality of products and issues around capacity utilisation in the sub- sector.
Katagum, in her remarks during the official flag-off and inauguration of the Bauchi State Office for the implementation NAADI in the state recently, pointed out that the overall objective of the initiative was to develop an industrialised and commercialised agricultural sector, comprised of highly productive and profitable commodity value chains.
This, she said would help to accelerate the growth and diversification of the economy into differentiated high-value products.
