ACCI targets $500m agro investment expo

The President of the Abuja Chamber of Commerce and Industry, Emeka Obegolu, has announced plans for the Agricultural Mechanisation for Export-Quality Products in Africa Expo 2026, a major agricultural mechanisation and investment platform projected to attract up to $500m in initial commitments.

Obegolu, who was represented at a press conference in Abuja by the chamber’s 2nd Deputy President, Aliyu Hong, said the initiative reflects a strategic shift from subsistence farming and food security concerns to large-scale commercial agriculture capable of generating foreign exchange.

He noted that the ACCI, formerly known as the Abuja Chamber of Commerce, Industry, Mines and Agriculture, has agriculture as one of its core business focus areas, stressing that the private sector now views the sector as a wealth-generating enterprise rather than merely a means of feeding the population.

“As you are aware, agriculture is one of the major businesses we promote as a chamber. But beyond food security, we see agriculture as a business. Our duty is to improve the sector and make it attractive for investment so it can generate revenue,” he said.

He explained that while previous initiatives such as Farm4Tech focused on technological innovation in agriculture, AGROMEQA Expo 2026 is designed as a broader platform centred on mechanisation, agribusiness financing, and investment mobilisation in collaboration with relevant agencies and industry stakeholders.

According to him, the primary objective of the expo is to drive agricultural development through large-scale investment, modern equipment, and climate-smart technologies that will support Nigeria’s transition from a food-importing nation to a net exporter.

“In the past, emphasis was on local consumption. Now, we want to commercialise agriculture, expand opportunities, and ensure it becomes a major non-oil export sector and a reliable source of foreign exchange,” Obegolu said.

He pointed out that several countries across the world rely on agriculture as a major foreign exchange earner, adding that Nigeria has the land mass, favourable climate, and population needed to replicate such success if the right investments and policies are put in place.

“We have the capacity, we have the land, and we have the population. What we need now is the right investment, technology, and mechanisation to drive this vision,” he stated.

Obegolu emphasised that transforming agriculture into a globally competitive sector requires significant capital outlay, describing it as a multi-billion-dollar investment space that cannot be developed with traditional farming tools.

“You cannot become a mechanised agricultural economy with hoes and cutlasses and expect to feed the world. It requires huge investment in innovation, technology, and finance,” he added.

He further noted that the initiative is aligned with efforts to diversify Nigeria’s economy away from oil, expressing optimism that agriculture could become one of the country’s leading sources of foreign exchange in the future.

The ACCI president also addressed structural challenges within the sector, including farmer-herder conflicts, which he attributed largely to competition over limited resources such as land and grazing routes, compounded by population growth and climate change.

He said improved organisation of agricultural systems, including proper land use planning and investment in modern livestock and crop production, would create room for synergy between farmers and herders rather than conflict.

“Farmers and herders are partners in the same ecosystem. With proper planning, there will be enough room for everyone. What we see today is competition due to a lack of structure and investment,” he said.

Obegolu added that mechanisation and industrial-scale agriculture would not only boost productivity but also reduce pressure on land, while creating alternative employment opportunities in manufacturing and services.

He explained that in most developed economies, agriculture initially served as a major employer and revenue generator before transitioning to industrial and service-driven economies, where less than 10 per cent of the population is engaged in farming.

“In developing countries like Nigeria, agriculture must first serve as a major employer and economic driver. Over time, as productivity improves, people can move into manufacturing and services, earning more and contributing to overall economic growth,” he said.

He stressed that expanding agriculture would increase purchasing power, reduce poverty, and create broader economic opportunities, noting that individuals would not necessarily need to engage directly in farming if the sector becomes more efficient and productive.

In his remarks, the Executive Director of the Abuja Trade Centre, Ezekwesili Nnam, disclosed that early engagements with investors and stakeholders indicate strong financial interest in the initiative.

“From ongoing conversations around term sheets and proposals, we are looking at an average of $500 million for a start after the maiden edition. We expect even more results,” he said.