Investors Mop-up Farm Lands in Ogun, Others

Reports reaching AgroNigeria has it that some prominent Nigerians, including wealthy foreign investors, are purchasing huge tracts of land for farming with projects worth millions of naira. Many of these lands are being used for cassava, plantain, fish production and other food production.

It is reported that the investors, which spread across the Southwest especially in Ogun State, are investing in the area because of lower costs for land, taxes and human resources.

Many of the investors get arable land very cheap and are required to create jobs for the locals in exchange for the acquisitions.

According to an expert, Debo Thomas, investment in agriculture is important and this is responsible for the pace of land buying that has been phenomenal. In Oyo and Kwara states, Thomas said individuals and consortium have bought 5,000 to 10,000 hectares for cashew and arable farming.

He said the rush to buy farmland is being encouraged by investors who are desperate to modernise farming methods and increase crop yields to feed rising populations.

In some areas in Ogun State, an acre goes for between N300, 000 and N900, 000 with the State providing investors access to land as well as the ability to move profits out of the country. It also provides attractive incentives, including income tax holidays, for foreign buyers who can buy large plots of land for agriculture and food processing businesses.

Consequently, the State is benefiting from investments directed at ethanol production while there are large-scale commercial farming and beef and poultry production in some areas.