While speaking at the LAPO Annual Development Forum on 27 October 2022, Nigeria's Minister of Agriculture and Rural Development, Mohammad Abubakar, reportedly announced that the Federal Government has approved new incentives to promote investment in the agricultural sector. The incentives include a tax and duty holiday (exemption) for a period of five years for agricultural production and processing in Nigeria, as well as zero-tariff rates on the importation of agrochemicals. Further details on the implementation of the incentives will be published once available.