ANU vice-present for First Nations, Professor Peter Yu, said the opportunity for First Nations people to participate in primary production industries was being missed by governments and businesses across Australia.

"This is not only a considerable economic loss for our First Nations communities but also for the nation," Professor Yu said.

"Our study shows there is potential to grow the First Nations primary production industry, particularly across the east coast, the southwest corner of Western Australia and our northern coastline.

"Though relatively small, there is an emerging and unique First Nations primary production industry that is diverse, increasingly financially sustainable, and delivering significant cultural, social and environmental benefits."

Indigenous Land and Sea Corporation chief executive Joe Morrison said the study provided an important baseline and stepping stone in the path to creating appropriate business opportunities in agriculture for First Nations and "leading ultimately to self-determined futures".

"Incorporating First Nation peoples' knowledge of their Country with modern and emerging primary production will lead to outcomes that have never before been realised across the nation," Mr Morrison said.

"We are on the cusp of a paradigm change for Australian agriculture and First Nations should be firmly embedded in the design and delivery of the nation's agricultural outputs."

The study identified 95 First Nations primary production businesses across Australia, with a majority of those being located in Northern Australia. But the full extent of the sector is not well known, and the lack of data was limiting First Nations participation in public policy and business decisions.

The report authors say the business model of First Nations enterprises is also "highly suitable" for environmental, social and governance oriented investment.

"Yet very few of these businesses have attracted private capital," Professor Yu said.

"They rely on institutions like the Indigenous Land and Sea Corporation to divest land and grant funds for business development."

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The report called for the federal government to create a First Nations Primary Industries Taskforce, which would see governments, industry and First Nations organisations work together to foster primary production and agricultural enterprises on the First Nations estate.

Agriculture Minister Murray Watt has spoken openly about his desire to increase Indigenous involvement in the sector, which could learn valuable skills from traditional ecological knowledge in land management practices.

"It's clear there's work to do in that space... I'm looking forward to hearing from First Nations groups involved in ag when I'm in Darwin this week," Mr Murray said.

"Australian agriculture is at its best when there's a diverse range of voices at the table, and that absolutely includes First Nations people."