In a bid to catalyze growth in Nigeria’s agricultural sector, experts have emphasized the critical need for financial literacy among farmers.
This call to action was made during a financial management training session for farmers and agribusinesses held over the weekend.
Mr. Razaq Fatai, Advisory and Research Lead at Vestance Limited, highlighted the impact that improved financial management skills can have on the agricultural sector.
“Enhanced financial management will not only boost farmers’ capacity to secure funding but also drive strategic decision-making for long-term growth,” Fatai remarked.
He stressed that these skills are crucial for attracting sustainable private investment and managing resources effectively, reducing dependency on government aid and supporting the sector’s growth.
Over the last decade, significant investments have been made in Nigerian agriculture by both federal and state governments, as well as international development organizations. These efforts have led to notable progress, particularly in areas such as rice production.
However, Fatai argues that empowering farmers with financial management skills could unlock even greater potential within the sector.
Mr. Adetayo Adedeji, Financial Advisory Lead at Vestance Limited, pointed out that a lack of financial knowledge often prevents farmers and agribusinesses from accessing valuable funding and achieving sustainable growth.
“By developing their skills in financial management, they can significantly optimize their operations and enhance their financial positions, making them more attractive to investors,” Adedeji stated.
Furthermore, participants at the event expressed optimism about the training’s impact on their businesses. Many noted that the knowledge gained would help them make more informed financial decisions and improve their ability to access funding.
“This training has opened my eyes to the importance of financial management in farming. I now understand how to plan my finances better and seek investment,” said one participant.
As Nigeria continues to diversify its economy, the agricultural sector remains a critical area for development. The push for enhanced financial literacy is seen as a strategic move to ensure that farmers can fully capitalize on available resources and opportunities.
By fostering a financially savvy agricultural community, experts believe that Nigeria can achieve greater food security, increase export potential, and drive economic growth.
