6 January 2009
Lagos — Minister for Agriculture and Water Resources, Dr Sayyadi Ruma, yesterday said the Federal Government had packaged various incentives aimed at attracting private sector investment in the agriculture sector.
Ruma said this in an interview with the News Agency of Nigeria (NAN) in Abuja and identified some of the incentives to include Public/Private Partnership (PPP) arrangement and zero tariff rate on importation of agricultural machinery and chemicals.
Others are duty-free importation of processing machinery, spare parts and tax-free dividend for a period of five years.
Provision of tax-free agricultural loans with a moratorium of more than 18 months and seven-year repayment period, and bank guarantees through agricultural credit schemes, were also listed.
He said the Federal Government had also put in place a legal framework for the protection of foreign investment, adding that the ban on importation of some agricultural products such as rice, vegetable oil, cassava and poultry, was also part of the incentives.
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