Economy, Domestic Economy

Agro Share in Next Budget $1.1b

Agro Share in Next Budget $1.1b
Agro Share in Next Budget $1.1b

The government has allocated $1.1 billion (31,417 billion rials) for the agriculture sector in next year’s budget.

The draft bill has envisaged the ceiling for agriculture-related spending and the costs of capital assets acquisition from public revenue in agro sector. For the current year’s budget, the government had allocated 18,095 billion rials ($680 million) for this purpose, FNA reported.

The proposal also requests 13,324 billion rials for development projects in agriculture sector.

Experts say officials must pay particular attention to the sector given the critical role of agribusiness in the national food security chain.

The multiplicity of climatic zones across Iran makes it possible to cultivate a wide variety of crops throughout the year. In addition, the significant number of educated job seekers specialized in various disciplines of agriculture, low-cost labor, abundant sources of energy and connections with international transit corridors make the sector a key contributor to the course of economic recovery.

 Iran-Nigeria Agriculture Cooperation  

Iran and Nigeria plan to take advantage of their fertile land and existing potential to expand agricultural cooperation. The two countries have agreed to exchange knowhow in agricultural and scientific fields, and invest in joint ventures.

Nigerian Parliament’s Head of Agriculture Commission Mohammad Taher Mongono has paid a visit to Tehran to meet Iranian officials, including Deputy Minister of Agricultural Jihad, Khalil Aghai, FNA reported on Wednesday.

Iran has technical and scientific expertise in the field of agriculture and has voiced its readiness to help other countries, Aghai said.

Meanwhile, Nigeria is seeking to get rid of single-product economy and diversify its income resources, Mongono said. “We are looking for ways to enhance food security in Nigeria and therefore, we want to focus on agriculture as a highly profitable sector,” he added.

Iran has long sought to boost agricultural and industrial ties with African countries.

Mongono met with Head of the Iranian Parliament’s Agriculture Commission, Abbas Rajai last Sunday. They explored avenues for bolstering and reinvigorating bilateral ties especially in agricultural sector.

Iran’s parliament, specially its agriculture commission, is ready to open a new chapter of ties with the Nigerian parliament, Rejai said.