Nigeria’s agricultural sector is on the path to full mechanisation, agro-industrialisation, and global competitiveness, following President Bola Tinubu’s sweeping economic policies and targeted investments.
This was revealed by the Minister of Budget and National Planning, Senator Abubakar Bagudu, during a keynote address at the Distinguished Personality Lecture Series of the Department of Agricultural Economics, University of Ibadan.
According to the Minister, the administration’s policies have been steadily reshaping the sector through improved budgetary allocations, infrastructure development, increased access to financing, and robust public-private collaboration.
Citing the latest National Bureau of Statistics (NBS) report, Bagudu noted a GDP growth of 3.84 percent in Q4 2024, an increase from the 3.46 percent recorded in Q4 2023 and Q3 2024.
He said the agricultural sector contributed 25.59 percent to GDP and grew by 1.76 percent, a sign of consistent policy impact and emerging potential.
“These figures reveal both progress and the untapped promise of Nigeria’s agricultural industry, which employs over 70 percent of our rural population and holds the key to food security, poverty alleviation, and industrialisation,” he said.
He attributed these gains to deliberate policy direction, noting that the sector’s budget has grown steadily from N228.4 billion in 2023 (1.05% of total budget), to N362.94 billion in 2024 (1.32%), and now N826.5 billion in 2025 (1.7%).
However, he said the establishment of the N100 billion National Agricultural Development Fund in 2023, and the Central Bank of Nigeria’s donation of 2.15 million bags of fertiliser worth N100 billion, are major steps taken to strengthen the sector.
The Minister also highlighted key programmes under the Ministry of Agriculture and Food Security, such as the National Agriculture Growth Scheme-Agro Pocket (NAGS-AP), which provides millions of farmers with training on Good Agricultural Practices (GAP), access to improved seeds, fertilizers, and irrigation tools at subsidised rates to increase productivity and income.
Speaking at the event, World Bank Country Director for Nigeria, Dr. Ndiame Diop, said Nigeria’s growing population presents a unique opportunity to become a global driver of economic growth — but only if the country accelerates its economic transformation.
Diop said an estimated 5.5 million Nigerians enter the labour market annually, with the working-age population projected to grow by 100 million in 25 years.
However, he warned that without substantial job creation in formal and productive sectors, many youths may remain trapped in low-income, informal work.
To change this, Diop stressed the need for agricultural transformation, pointing out that sectors like agriculture — which absorb a large share of the workforce — must experience significant productivity improvements to drive inclusive growth and reduce poverty.
He said the future of Nigeria’s economy depends on its ability to shift workers from low-paying informal jobs into more productive, higher-paying employment — with agriculture as a strategic entry point for this transition.
Earlier in his remarks, the Vice Chancellor of the University of Ibadan, Prof. Kayode Adebowale, commended the initiative, noting that agriculture remains critical to economic diversification, food security, and national development.
He called for the adoption of modern technologies to drive sector-wide transformation.
The lecture was attended by key officials from the Ministries, Departments, and Agencies under the Ministry of Budget and Economic Planning, as well as academic and administrative staff of the university.
