Festus Osifo, President of the Trade Union Congress (TUC), has emphasized the need for Nigeria to tap into its vast agricultural potential and address exchange rate volatility to drive economic growth.
In a TV interview monitored by AgroNigeria Osifo presented a roadmap for economic revitalization, criticizing current governance strategies.
Osifo believes Nigeria can generate over $100 billion annually from agriculture within five years if large-scale production and strategic planning are prioritized.
He criticized the country’s reliance on food imports, despite its vast arable land and favorable climatic conditions.
“When there is synergy, we must sit down first to have agricultural development plan for the next 10 years… We have no business in importing any commodity from abroad,” Osifo said.
To achieve this goal, Osifo proposes channeling loans toward agricultural development and reducing taxation on imported farming equipment.
He also advocates for eliminating inefficiencies and focusing on export-driven policies, citing examples from countries like Rwanda and Kenya.
Osifo further linked the surge in petroleum prices to Nigeria’s fluctuating exchange rate, explaining that most oil and gas transactions occur in dollars.
“The exchange rate directly impacts the cost of PMS. If the government had managed the exchange rate effectively last year… the current hikes could have been avoided,” he explained.
The TUC president stressed the importance of improving the manufacturing sector, identifying bottlenecks such as multiple taxation, high customs duties, and exchange rate instability.
“We must create an environment where manufacturers thrive. Investors won’t come unless those already on the ground feel supported,” he said.
Osifo revealed that TUC had presented a 15-point agenda to the government in 2023, outlining solutions to Nigeria’s economic woes. Exchange rate management was a central theme.
“We warned that FAAC allocations tied to fluctuating exchange rates would hurt ordinary Nigerians. The government must prioritise sustainable economic policies over short-term gains,” he noted.