From oil to agriculture: How Nigeria can use petroleum revenues to boost food security

Nigeria’s reliance on oil has overshadowed the potential of its agricultural sector, which is crucial for food security and sustainable economic growth. With global shifts toward renewable energy and fluctuating oil prices, it’s urgent for Nigeria to reinvest its oil revenues into agriculture.
Since the 1960s, agriculture’s contribution to GDP has drastically declined, leading to food insecurity and economic vulnerability. However, with over 84 million hectares of arable land, Nigeria has the potential to become a major food producer and reduce its reliance on oil.
To unlock this potential, Nigeria needs to invest in infrastructure, provide farmers with access to finance, promote agricultural research, strengthen value chains, and encourage private sector investment. By doing so, Nigeria can create jobs, reduce poverty, and achieve food security, leading to a more diversified and resilient economy. Transitioning from oil dependency to agricultural prosperity is key to a sustainable future for the nation.    Source: BusinessDay

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Nigeria’s economic future hinges on its ability to diversify away from oil dependency, and agriculture stands as the most promising sector to lead this transformation. The current volatility in global oil prices and the gradual shift towards renewable energy sources underscore the urgent need for Nigeria to reinvest its oil revenues into agriculture. By doing so, the country can address pressing food security challenges, create millions of jobs, and foster sustainable economic growth.
The neglected agricultural sector, despite its vast potential, has seen its contribution to GDP diminish over the decades. However, with over 84 million hectares of arable land, a young workforce, and favorable climatic conditions, Nigeria can revitalize this sector through strategic investments. Building infrastructure, improving access to finance, promoting agricultural research, and strengthening value chains are crucial steps toward unlocking the sector’s potential.
Investing in agriculture is not just about feeding the nation; it’s about creating a resilient economy that can withstand global shocks. As an agribusiness consultant, I urge stakeholders to prioritize these investments, ensuring that Nigeria’s oil wealth is converted into lasting agricultural prosperity.