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By Arajulu Olatubosun
As an Agricultural Economist, I have spent the better part of my career at the intersection of economics, sustainability, and agribusiness—working to transform agriculture into a powerful engine for economic development.
From grassroots communities to multinational agribusinesses, and through engagements with global organizations across Switzerland and Nigeria, one truth has remained constant: agriculture is the lifeblood of national progress.
During the recently concluded Economic Summit themed “Nigeria’s Economy and the Way Forward,” I emphasized a reality many are still reluctant to confront—Nigeria can no longer depend on crude oil to secure its future.
Crude oil, once the cornerstone of our economy, is rapidly losing global value. As the world transitions to clean energy and the volatility of oil prices persists, our continued reliance on petroleum exports is a dangerous gamble. Oil will eventually fail us—whether through price shocks, global transitions, or sheer depletion. But agriculture? Agriculture will never fail us.
Agriculture: Nigeria’s Lifeline
Agriculture is more than just a sector—it is Nigeria’s most potent tool for economic transformation, food security, and national stability. With the right investment, policy support, and strategic innovation, it can uplift millions and sustain our nation in ways crude oil never could.
1. A Major Employer and Economic Equalizer
Agriculture employs nearly 70% of Nigeria’s rural population. From smallholder farmers to processors, traders, and agri-entrepreneurs, it offers a pathway out of poverty, particularly for our youth. At a time when unemployment and insecurity threaten our social fabric, agriculture remains the single most inclusive driver of job creation.
2. Food Security and Reduced Import Dependency
Our overreliance on food imports—especially staples like rice and wheat—has placed immense pressure on foreign exchange reserves. Nigeria spends between $1.3 and $2.5 billion annually importing these products. Redirecting this spending into local production by supporting irrigation, improved seeds, mechanization, and farmer training would not only strengthen our food systems but also retain billions within the economy.
Beyond rice and wheat, crops like yam, cassava, maize, and vegetables are essential to our dietary and economic stability. They are the bedrock of our food sovereignty.
3. A Pillar of GDP Growth
Agriculture contributes approximately 25–30% to Nigeria’s GDP, making it one of the largest sectors in terms of economic output. This grassroots-driven growth is inclusive and scalable. It reaches rural communities where oil wealth rarely trickles down.
4. Foreign Exchange through Non-Oil Exports
Crops like cocoa, sesame, cashew, ginger, and palm oil are among Nigeria’s top non-oil exports. These commodities not only diversify our export profile but also boost our global competitiveness. Strengthening agribusiness and export value chains can significantly improve our trade balance.
5. Raw Materials for Local Industries
Agriculture feeds our industries. Cotton powers textiles, cassava supports food processing, cocoa fuels beverage production. The ripple effect is massive—supporting manufacturing, creating jobs, and promoting value addition.
6. Catalyst for Rural Development
Investment in agriculture leads to rural development—infrastructure like roads, markets, and storage facilities flourish around productive farming hubs. It reduces rural-urban migration by providing local opportunities and stabilizing communities.
7. A Path to Sustainability
Agriculture, when managed properly, is regenerative. Through agroforestry, organic farming, and climate-smart techniques, we can build resilient food systems that also protect our environment. Unlike extractive sectors, agriculture heals the land rather than depleting it.
8. The Foundation for National Stability
Hunger fuels unrest. Unemployment breeds crime. But a food-secure, economically active population is a peaceful one. Agriculture addresses these issues at the root. It provides dignity, purpose, and prosperity.
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If Nigeria is to rise—and rise sustainably—we must return to our roots. We must see agriculture not as a poor man’s hustle, but as the nation’s most strategic investment. From policy reform to infrastructural development, every effort must be geared toward revitalizing this sector.
Crude oil may have built our past, but only agriculture can build our future.
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About the Author:
Arajulu Olatubosun is an Agricultural Economist with extensive experience in agricultural value chains, rural development, and policy analysis. He has worked with global organizations including AGROFORCE COMMODITIES S.A and PETROFORCE TRADING & SHIPPING SA (Switzerland), CONTINAF Nigeria Ltd (a subsidiary of CONTINAF BV, Netherlands), and ECOM AGRO INDUSTRIAL CORPORATION. His work focuses on designing innovative, data-driven strategies to boost productivity, enhance sustainability, and drive inclusive economic growth.
