The airwaves have been awash with news of the President of Nigeria, Muhammadu Buhari, amending the constitution and carrying out an exercise rightly called devolution of powers. In this article, we will discuss how these acts will affect the agriculture sector, especially the agriculture real estate sub-sector.
The powers that reside with the Federal Government to carry out functions are on the “executive list” while those that share such powers with the States are on the “concurrent list”. Following this train of thought, the Federal Government of Nigeria has given the state governments the powers to generate their own electricity and build their own railways, among other acts signed into law.
Now, you may ask what these have got to do with agriculture real estate as they aren’t really in the same “department.” The secret is that there is the possibility of a strong foundation on which agriculture can thrive.
The strong foundation for which agriculture can thrive has been laid already, and with the amount of work that is being carried out in the state, the people of Oyo State can be rest assured that the recently passed Railway bill will affect them positively. Ogbomoso is the agricultural hub in Oyo State, and it’s also a link for various agricultural markets between the north and south. This bill will mostly assist in creating a wider market for agricultural products.
Furthermore, since Ogbomoso is a developing town, there will be an increase in the population due to the overpopulation problems in the other nearby states. This will lead to an increase in demand for land, which will automatically lead to an increase in price for agriculture real estate.
What is the significance of this to Hastom Nigeria?
Hastom has been in agriculture real estate for over a decade, and we know real estate, especially land, is an important factor in human existence. We need land to build houses and industries and above all, we need land, not just any land, but farmlands to farm for survival. Without land to plant, there cannot be food to eat, and without food, we cannot survive as humans.
Prior to the passage of the bill from the executive list to the concurrent list, farmland sold in Ogbomoso five years ago at the rate of N100,000. This same land is now being sold for N500,000 simply because of the increase in farming and exporting activities. Ogbomoso is well known for its cashew production, and within the past few years, production has increased greatly so, how much do you think the price for an acre of farmland will be by in the next 5 years, by the time States haven’t taken full advantage of these amendments?
With the effect of a possible railway station passing through or close to Ogbomoso, the farmers can transport their produce to the markets quickly and cheaply, enabling them to sell their products at competitive prices even as far as the southeast and all over Nigeria, making Ogbomosho a megacity. Why don’t you hop on the train to get your farmland now before the offer becomes super exclusive?