The agriculture sector’s growth, though marginal, is a pointer to the fact that the nation’s quest for food security is on the right track.
The Minister of Budget and Economic Planning, Senator Abubakar Bagudu, said that agriculture grew by 1.76 per cent in Q4 2024 and contributed 25.59 per cent to the overall Gross Domestic Product (GDP) growth of 3.84 per cent for the period. He said the performance signals the impact of the federal government’s commitment to the sector.
Bagudu spoke Tuesday at the University of Ibadan during the Agricultural Economics Distinguished Personality Lecture delivered by Dr. Ndiame Diop, the Country Director of the World Bank Nigeria Country Office.
The minister said the sector’s performance validates the policy direction of the Tinubu administration, noting that, “Q4 2024 GDP results confirm we are on the right path.”
The progress is attributable to policies that enhanced budgetary funding, expanded access to finance, supported mechanisation and technology adoption, improved climate resilience, built critical infrastructure, enabled public-private partnerships, and strengthened security in rural communities.
Increased allocations to agriculture is, no doubt, a key driver of the agriculture sector’s performance. Budgetary provisions rose from N228.4 billion (1.05per cent of the 2023 budget), to N362.94 billion (1.32per cent in 2024), and are expected to reach N826.5 billion (1.7per cent of the 2025 budget).
Also contributing to the sector’s gains was the N100 billion National Agricultural Development Fund set up in 2023 to address financing bottlenecks, as well as the Central Bank of Nigeria’s donation of 2.15 million bags of fertiliser, valued at another N100 billion, to support farmers.
Notwithstanding the stride, Bagudu acknowledged the fact that, “The agricultural milestones of the last 23 months of the Tinubu administration are far from where we want to be. However, they indicate our commitment to transforming the sector.”
The recent establishment of a Ministry of Livestock Development reflects the administration’s broader vision for the agriculture sector and marks a strategic shift with potential to unlock new growth frontiers.
Interestingly, the Federal Ministry of Budget and Economic Planning has promised to continue to strengthen partnerships across institutions and stakeholders.
The ministry is working to deepen policy coordination through state-level technical committees, support public-private partnerships, and mobilise resources in collaboration with development partners such as the Food and Agriculture Organisation (FAO), the World Food Programme (WFP), and agribusinesses.
It necessary for a united effort involving government, academia, private sector, and development institutions to convert present challenges into sustainable opportunities.
“Through the aggressive implementation of the Renewed Hope Agenda and the National Development Plan, Nigeria will become an agricultural powerhouse that feeds its people, powers its economy, and competes globally,” the Bagudu said.
Delivering the Distinguished Lecture titled: “Leveraging Agricultural Transformation for Sustainable Economic Development in Nigeria: Key Considerations,” Dr. Diop stressed the need for foundational reforms and investments in critical enablers such as education and human capital, rural infrastructure and connectivity, security, reliable energy, access to finance, and improved cross-border trade.
He warned that meaningful transformation cannot happen overnight, but requires strong leadership and macroeconomic stability.
According to Diop, Nigeria faces a rapidly expanding workforce, with about 5.5 million people joining the labour market every year. This trend, he said, provides both a challenge and a strategic opportunity for Nigeria to become a key economic engine in Africa and globally.
He said the country must accelerate the movement of labour from low-productivity, low-income informal activities to more productive and better-paying sectors of the economy.
It is instructive that Vice President Kashim Shettima had reassured of the commitment of the Tinubu administration to addressing the challenge of food security in Nigeria, especially malnutrition.
Speaking while receiving a delegation from WFP, led by its Executive Director, Mrs Cindy McCain, in Abuja recently, the vice president stated that the collaboration with global bodies and other key stakeholders would support the efforts of federal and state authorities.
“The president has given his commitment towards addressing the core challenge of food security. He has declared a commitment towards tackling food insecurity and there is a need for us for further collaboration between the WFP and the government of Nigeria on strengthening food systems and improving nutrition in the country,” the VP stated.
Shettima said the introduction of the school feeding programme to tackle malnutrition among children was in line with the president’s vision for food security in Nigeria. He sought further collaboration between the Ministry of Agriculture and the WFP, especially in strengthening our food systems and fighting malnutrition.
In her remarks, McCain said she was in the country with her team to explore areas of further collaboration between Nigeria and the World Food Programme with the aim of addressing the challenges faced by the people.
She said the WFP is thrilled about the initiatives by the government to address the challenges of food security and malnutrition, noting that “the unique potential to explore Africa-led solutions to the challenges is exciting and commendable.”
She pledged the organisation’s continued support and partnership with authorities at different levels in Nigeria to help alleviate the sufferings of the people, especially in the areas affected by conflict.
Blueprint commends President Tinubu’s tenacity, resilience, and focus in the implementation of his reforms aimed at recalibrating the economy towards the accelerated development of the country. We particularly note the impressive growth in the agriculture sector and its contributions to the nation’s GDP.
Unfortunately, these gains are a far cry from the nation’s attainment of the much needed food security. Consequently, we call for increased assistance from Nigeria’s partners like the WFP to enable the federal government to meet its food security target for the country.