The Nigerian Agriculture industry boasts one of the largest food markets in the world.
Agricultural production in Nigeria is at an all-time high. In the last few years, there has been a massive increase in production levels to match the rising demand for inflation costs in Nigeria.
Many entrepreneurs are diving into this money-laden sector. However, like every industry, there is some level of regulatory oversight over this industry poised to become Nigeria’s economic linchpin.
This post focuses on informing readers and potential agriculturists about the relevant laws that apply to this sector so that they can achieve maximum compliance.
National Agricultural Land Development Authority Act
This law provides public support for land development in crop and livestock production, marketing, and processing, as well as other social infrastructure and empowerment schemes for farmers.
Agricultural Credit Guarantee Scheme Fund Act
This law creates a credit fund for loan facilities to be granted to farmers for agricultural purposes.
It’s important to note that the Act prescribes guidelines for such loan grants and it’s an offence to deviate from these guidelines in obtaining such loan facilities.
Sea fisheries Act
This is important for those who want to delve into the sea food sector. This Act regulates and registers vessels operating fishing and shrimping purposes. The Act also provides licensing for motor fishing boats involved in fishing activities in Nigerian waters.
Other laws that would apply range from CAMA, Land Use Act, National Crop Varieties and Livestock Breeds (Registration etc) Act, etc.
This post is quite informative and entrepreneurs seeking to operate in the agricultural sector in Nigeria need to take cognizance of these laws as well as the regulatory guidelines that govern the sector.
Importantly, consultation with a lawyer is important for an accurate assessment of the laws that peculiarly apply to your proposed agricultural business.
References
1https://www.google.com/amp/s/nairametrics.com/2022/11/05/laws-governing-nigerias-agricultural-sector/%3famp=1 accessed on April 25 2023
2 https://www.statista.com/topics/6729/agriculture-in-nigeria/#topicOverview accessed on April 25 2023
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