Nigeria, long celebrated for its vast oil reserves, faces a critical juncture as it grapples with the limitations of an economy overly dependent on petroleum. The nation's reliance on oil, which constitutes about 90% of its export revenue, has led to the neglect of other vital sectors, particularly agriculture. Once a cornerstone of Nigeria's economy, agriculture's contribution to GDP has dwindled from 57% in the 1960s to less than 25% today, despite Nigeria's rich arable land and favorable climate. This neglect has exacerbated food insecurity, with over 13 million Nigerians facing acute hunger and the nation relying heavily on food imports. Additionally, the volatility of global oil prices has made Nigeria's economy susceptible to severe fluctuations, evidenced by the economic downturns following price crashes in 2014 and during the COVID-19 pandemic. To mitigate these vulnerabilities, Nigeria must reinvest its oil revenues into agriculture, which holds untapped potential to drive sustainable growth. With over 84 million hectares of arable land, abundant water resources, and a young population, agriculture could generate millions of jobs, enhance food security, and reduce poverty, particularly in rural areas. Investing in agriculture not only promises domestic benefits but also positions Nigeria to capitalize on global food demands, potentially transforming it into a major food exporter and creating a more balanced and resilient economy.
Please find original version of article below:
https://businessday.ng/opinion/article/from-oil-to-agriculture-how-nigeria-can-use-petroleum-revenues-to-boost-food-security/
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