The Minister of Agriculture, Senator Abubakar Kyari, announced the information, citing that the Saudi Arabian government has shown interest in establishing manufacturing factories in Nigeria for agricultural equipment.
The Minister disclosed this new in a statement on his X profile (formerly Twitter) on Saturday, following a meeting with stakeholders from the Middle Eastern country. "The aim Is to support Nigeria’s agricultural sector through mechanization by establishing the plants in the country," he stated.
In regard to this development, the Minister of Agriculture of Saudi Arabia had to visited Nigeria to have a diplomatic discussion and productive engagements with Nigerian agri-business entrepreneurs. The meetings took place for over two days.
As a result of these interactions, Saudi Arabia has expressed interest in procuring 200,000 metric tons of red meat and one million tons of soya annually from Nigeria.
It's also has been assured that this export commitment will not compromise Nigeria's domestic consumption of these essential commodities.
The diplomatic discussion between the Minister of Agriculture of Saudi Arabia and Nigerian agri-business entrepreneurs fosters mutual understanding and led to substantial agreements.
However, remember that we're in a nation that's currently grappling with a severe food security crisis, exacerbated by a staggering 40.5% food inflation rate.
Families across the country are finding it increasingly difficult to afford basic necessities, particularly staple foods like grains, which have seen prices surge by over 100% in the past year alone.
This spike in food costs is adding immense pressure to households already strained by Nigeria's fragile economy.
The situation is dire, with projections suggesting that as many as 31 million Nigerians could face severe food shortages by August.
In response, the federal government has announced several measures, including the distribution of cash transfers totaling N155 billion to support 100,000 households nationwide over three months.
These initiatives were unveiled during a recent National Economic Council meeting, where President Tinubu also emphasized the urgent need for state governors to prioritize addressing their states' food security challenges.
In conclusion, this move by the Saudi Arabia government to build farm equipment manufacturing plants in Nigeria is expected to strengthen the country's agricultural sector and boost its overall production capacity.