The Federal Government, President Bola Tinubu’s administration has targeted policy direction and calculated interventions are to blame for the agriculture sector’s rise in the fourth quarter (Q4) of 2024.
According to Senator Abubakar Bagudu, Minister of Budget and Economic Planning, agriculture expanded by 1.76 per cent in Q4 2024 and contributed 25.59 per cent to the 3.84 per cent GDP growth over the same time. He says the performance demonstrates the Federal Government’s dedication to the industry.
The Country Director of the World Bank Nigeria Country Office, Dr. Ndiame Diop, gave the Agricultural Economics Distinguished Personality Lecture yesterday at the University of Ibadan, where Bagudu spoke.
The minister said the sector’s performance validates the Tinubu administration’s policy direction, noting that “Q4 2024 GDP results confirm we are on the right path.”
Bagudu credited the progress 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.
He cited increased agricultural allocations as a key sector performance driver. Budgetary provisions rose from N228.4 billion (1.05 per cent of the 2023 budget) to N362.94 billion (1.32 per cent in 2024) and are expected to reach N826.5 billion (1.7 per cent of the 2025 budget).
The N100 billion National Agricultural Development Fund was established in 2023 to address financing bottlenecks, and the Central Bank of Nigeria donated 2.15 million bags of fertiliser, valued at another N100 billion, to support farmers, contributing to the sector’s gains.
“Let me be clear,” Bagudu told the audience, “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.”
He said the recent establishment of a Ministry of Livestock Development reflects the administration’s broader vision for the agricultural sector and marks a strategic shift with the potential to unlock new growth frontiers.
As part of its coordination mandate, Bagudu explained that the Federal Ministry of Budget and Economic Planning will continue strengthening partnerships across institutions and stakeholders.
He added that 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.
He called for a united effort involving government, academia, the 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,” he 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’s workforce is growing quickly, with over 5.5 million new workers joining each year. He stated that Nigeria faces a strategic opportunity and a challenge in this trend to establish itself as a major economic force in Africa and the world.
He said that the country needs to transition workers more quickly from low-income, low-productivity informal jobs to higher-paying, more productive areas of the economy.
Source: The Nation
