It was gathered that the price of farmlands across the country has been rising in the last one year following increasing participation of foreign agriculture businesses and youths in exploring emerging business opportunities.
Farmlands consultant, Mr. Debo Thomas, in a chat with The Nation, said Lagos and Ogun states have seen the biggest increases in land values, recording between 30 to 60 per cent rise between 2012 and 2014.
He said that the cost of outright purchase of lands have risen from N50,000 to N350,000 in some places in Lagos ,Oyo and Ogun States ,while lease has risen from N2, 000 to N15, 000.
Driving the rise in costs, he noted, are increasing farming population occasioned by the influx of foreign investors acquiring as much as 5, 000 acres of land, mainly on the outskirt such as in Ogbomosho in Oyo state.
He said farmers are moving to areas out of Lagos and Ogun States to Oyo state where they can find farmlands in areas where they can easily be linked to markets connecting the major industry hub in the Southwest.
Thomas who has himself acquired 2, 500 acres in Ogbomosho and is ready to give out to prospective investors said farmland is the ultimate store of value as this is pushing for increasing farmland ownership.
-source: thenationonlineng.net
