Selorm Agudu, Chief Farmer, Urban Jungle Agro, has called for a strategic focus on import substitution to strengthen the agribusiness sector.
Speaking on the theme “Understanding the Agribusiness Value Chain; Opportunities for Additional Revenue,” at the Citi Business Festival Agribusiness Forum, Agudu emphasised that the key to thriving agribusiness lies in meeting local demand through increased domestic production.
“Our demand is not low or high. It is our supply that is a challenge, so we are unable to meet the demand which is a constant,” Agudu stated. He pointed out that by targeting the local market and tapping into the existing opportunities, the agribusiness sector can flourish.
Agudu proposed a partnership model where one party engages in farming while others invest financially, suggesting this approach could help overcome current supply constraints.
He stressed the importance of local production to substitute imports, noting that the country’s future lies in agriculture.
“The future in this country is agriculture, and the earlier we tap into it, the better for us. We import all sorts of food. People may think the only way to flourish in farming is to export, but what we are missing is import substitution,” he explained.
He urged stakeholders to consider the millions spent on food imports and to instead focus on producing these foods locally to meet domestic demand.
The Citi Business Festival 2024 is powered by 97.3 Citi FM and Channel One TV in partnership with Absa Bank and is sponsored by MTN Business, GIRSAL, AMG Fertilizer, Nsano Ltd and Agri-Impact Limited
