A don in the field of Agricultural and Resources Economics from the Department of Agricultural Economics and Farm Management, College of Agricultural Management and Rural Development (COLAMRUD) of the Federal University of Agriculture, Abeokuta (FUNAAB), Prof. Elizabeth Oluwalana, has strongly recommended that the government should subsidise the price of contemporary technology used to add value to goods, especially value addition to herbal products.
Prof. Oluwalana gave the suggestion while delivering the 85th Inaugural Lecture of the University titled: “Value-Addition for Agricultural and Forest Resources: Means for Herbal Therapy and Entrepreneurial Skills Development”, held at the Oluwafemi Balogun Ceremonial Building of the institution. She said if this is done, it would lower the cost of secondary production for the processors and raise export earnings which in-turn, raised the nation’s Gross Domestic Product (GDP). Prof. Oluwalana emphasised that processors should be encouraged by extension agents to form themselves into clusters and cooperative groups in order to assist themselves for funding, empowerment and welfare packages.
She reiterated that in an effort to increase revenue and extend the shelf-life of farm produce, processors should utilise enhanced technologies in adding value to the bumper harvest during the rainy season, adding that encouragement should be given to women in particular to engage in agri-preneurship in order to generate additional income for improved livelihood. The former banker, however, noted that to address the issue of high labour costs faced by entrepreneurs in value-added processing, the government and non-governmental organisations (NGOs) should offer incentives to entrepreneurs in form of subsidised equipment for processing and packaging, saying all parties involved, including academics, corporate bodies and private citizens must support appropriate technology to increase the use of traditional or indigenous knowledge, particularly in the manufacturing of herbal soap and medicinal plants.