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The PVP bill, signed into law by President Muhammadu Buhari on May 21, 2021, seeks to give plant breeders intellectual property over a new plant variety, with exclusive rights to commercialize seed and/or propagation material of the variety.
It also aims to incentivise national and multinational agribusiness investments and aid the development of Nigeria’s agriculture value chain.
The NESG, in a statement issued by Yinka Iyinolakan, its head of corporate communications, urged the government and stakeholders to ensure implementation guidelines are properly set and act speedily in ensuring that critical aspects of the bill are effectively enforced.
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“Once it is fully implemented, Nigeria will move from generating $0 from seeds export to generating well over $2.0 billion from seeds export within the first five years,” the statement read.
For economic growth, crucial actions by the federal and state governments to develop industrial policies and sectoral plans for identified priority areas, commitment to implementation of existing plans and addressing challenges.
NESG lauds signing of PVP Bill which generates $2bn in five years NESG lauds signing of PVP Bill which generates $2bn in five years
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The Nigerian Economic Summit Group (NESG) has applauded the Nigerian Government for signing the Plant Variety Protection (PVP) Bill into law on May 21, 2021.
NESG said the implementation of the law would generate $2 billion from seed export in five years.
It can be recalled that the Plant Variety Protection Bill was passed by the House of Representatives on the 17th of December 2020 and the Nigerian Senate on the 3rd of March 2021, following several months of deliberation.
Ugo Aliogo
The 2021 Macroeconomic Outlook report by the Nigerian Economic Summit Group (NESG) has urged the federal government to develop industrial policy and sectoral plans for priority areas as well as address the challenge of insecurity in the country.
The report disclosed that the manufacturing sector is one of the six sectors that have the potential to create jobs and reduce poverty.
The report also noted that for the sector to create jobs and reduce poverty, private investments would play a major role.
It further explained that from recent happenings, actual investments in manufacturing are realised when there is an intersection of market opportunities and government support. It maintained that Nigeria’s reliance on imports, its large market and the coming into effect of the African Continental Free Trade Area (AfCFTA) agreement present a huge opportunity for investment in the manufacturing sector, especially in agro-processing and light manufacturing.
Chief Executive Officer (CEO) of Sterling Bank Plc, Mr Abubakar Suleiman, has identified lack of trust as the main problem affecting the growth and development of the Nigerian commodity market.