Farmers from South Korea, Kuwait and the United States have also arrived in Kwara state, some 400 km northwest of Lagos, which is keen to attract more investors and help Nigeria end its import reliance.

Investment in agriculture is soaring. So, worryingly, is distrust of markets and trade.

International farmland-investment standards of the kind being worked upon are much needed. But agricultural agencies such as the FAO are not equipped to establish good property-rights regimes in the developing world, writes the Globe and Mail

More and more of Africa's farmland is being bought up by private companies and countries. But should this trend be welcomed as much-needed foreign investment or is it a new form of colonialism? Join the Riz Khan show on Al Jazeera Thursday 19 November 2009.

The 450 civil society organisations taking part in a parallel forum were not won over by FAO's optimism about a code of conduct. "Land grabbing by external capital must stop," read a declaration by participants at the forum.

The French farming minister warned these "predatory investments" prevented countries from feeding themselves. Al Jazeera reports.

Across the street from the conference, human rights and farmers' groups protested sporadically throughout the three days. Small farmers' groups put on street theatre, re-enacting scenes of land-grabbing by foreign companies, with thugs bearing sticks pretending to threaten the small land owners.

The UN and the World Bank are walking a tightrope in drawing up a code of conduct for farmland deals as they do not want to undermine investor confidence. Campaigners call such "win-win" codes "a nonsense".

And now the bad news. FAO has taken a U-turn in its clear position on the race by food-importing countries and private companies to buy land overseas for domestic food and agriculture needs.

Land grabbing by transnational capital must stop.

"Already we have received a lot of interest from the UAE to invest in Ukraine's agriculture sector, and we are offering all kinds of projects such as leasing of 100,000 hectares of land to the creation of animal farms with 3000 cows," Ukraine's agriculture minister said.

Jannat has a target of securing 100,000 to 215,000 hectares of land abroad, including $100m in African investments, says Mohammed Abdulla al-Rajhi, chairman of Jannat and deputy chairman of Tadco.