Adebayo Calls for Establishment of Land Banks to Attract Agric Investment

The Nigeria’s Minister of Industry, Trade and Investment, Otunba Richard Adeniyi Adebayo, in a paper titled “Strategy for Growth of Micro, small and Medium Enterprises (MSMES) and Job Creation” presented to the National Economic Council on Thursday suggested a need to establish land banks in each state earmarked for investment in agriculture and agro processing.

According to Adebayo, the Bank if established, would ensure fair compensation for land, standardize and ensure clarity in compensation rates in each state.

He added that the objective of the presentation is to bring NEC up to speed on Ministry’s Term Goals and Projects and seek NEC’S support in the resolution of key challenges to achieving our goals.

The Minister noted that there was a need to “adapt the 2015 approved list of taxes and levies;
Set up and investment promotion agency/one stop shop for investment-related issues including facilitating investment linkages.

“MSME Council should be set up in each states. These Councils should build a database of the residents MSMES which can be used to facilitate the integration of local MSMEs into the supply chains of large resident corporate”, he said.

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