Dr. Johannes Flosbach, Executive Director of Cormat Nigeria Limited, a subsidiary of TGI Group, has called for sustainable funding solutions in Nigeria’s agribusiness sector. Speaking at the 11th German-Nigerian Business Forum (GNBF) in Lagos, Dr. Flosbach emphasized the crucial role of agriculture in ensuring food security and boosting exports.
During the panel discussion titled “Strengthening the Nigerian Agribusiness Industry for Food Security and Export,” Dr. Flosbach highlighted the unsustainable nature of current financing options. “Working capital at 30% interest or more makes it nearly impossible to invest in new projects,” he said, adding that future forums should prioritize developing innovative funding mechanisms to support the sector’s growth.
He also underscored TGI Group’s commitment to rural farming and sustainable agricultural practices, advocating for increased collaboration between Nigerian and international stakeholders to harness the full potential of agribusiness.
The forum, organized by AHK Nigeria and Afrika Verein with support from the German Federal Ministry for Economic Affairs and Climate Action, provided a platform for discussions on strategic sectors, including agribusiness, renewable energy, construction, and vocational education.
Dr. Flosbach’s remarks highlighted the urgent need for innovative solutions to address financial barriers, ensuring Nigeria’s agribusiness industry is well-positioned to meet both domestic and global demands.
