In a groundbreaking move to redefine the land compensation system in Nigeria, the Federal Government has officially revised the valuation framework, sparking significant discussions among stakeholders. The announcement, made via Nigerian Stories’ official X (formerly Twitter) handle, reveals that cocoa trees in North Central Nigeria are now valued at an impressive N160,000 per tree or a staggering N160 million per hectare.
This bold adjustment underscores the government’s recognition of the immense economic value of cocoa farming, a critical sector contributing to Nigeria’s non-oil revenue. The revised rates aim to provide fairer compensation to landowners and farmers whose livelihoods are impacted by developmental projects requiring land acquisition.
The updated framework reflects a significant shift in the government’s approach to balancing development with equity. Previously, compensation rates often drew criticism for undervaluing agricultural assets, leading to disputes between farmers and authorities. By pegging the value of cocoa trees at such a competitive rate, the Federal Government hopes to bolster trust among stakeholders and foster agricultural investment.
This policy change is particularly pivotal for the North Central region, a hub for cocoa cultivation. Farmers and investors are optimistic that the new valuation will not only secure their livelihoods but also attract further interest in agribusiness development.
The announcement has generated a buzz across social media and within agricultural circles. While some applaud the government for prioritizing equitable compensation, others call for further revisions to ensure all crops and regions receive similar attention.
“This is a welcome development for cocoa farmers,” said Chief Adebayo Oke, a prominent agronomist. “It sends a strong message that agriculture remains a priority for the Nigerian government, and it will encourage more people to venture into farming.”
However, concerns remain about how effectively the new framework will be implemented, particularly in rural areas where farmers often lack access to legal representation during compensation negotiations.
As the country grapples with balancing its development agenda with the preservation of its agrarian economy, stakeholders are urging the government to extend similar valuation reviews to other cash crops and agricultural assets. A fair and transparent compensation framework is seen as a critical step in fostering a sustainable economic environment where both urbanization and agriculture can thrive.
This policy marks a significant stride toward enhancing the livelihoods of Nigerian farmers and ensuring fair compensation practices. The agricultural community and development enthusiasts will be watching closely to see how the revised framework is implemented in the coming months.
The Federal Government’s decision to elevate the value of cocoa trees to N160,000 per tree and N160 million per hectare sets a new benchmark in land compensation. As Nigeria pushes forward with its development goals, such policies serve as a reminder that economic growth must include and respect the contributions of all sectors, especially agriculture.
This development is poised to redefine the relationship between landowners, farmers, and the government, potentially setting a precedent for other African nations to follow.
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