ZUBARA GLOBAL SERVICES

George Washington, first president of the United States of America at Mount Vernon in 1797 had described Agriculture in its entirety as “the most healthful, most useful and most noble employment of man".

Looking at present times and activities of things ongoing in the world, there’s no doubt that this description of agriculture by George Washington is still presently what agriculture is in the world. Agriculture promotes healthy living through natural production of foods, it is the most useful as it is an essential commodity for man’s existence and most noble employment of man. If much priority is given to agriculture in every society of man’s presence, societies will record significant growth in its economy.

In Nigeria, it is no news that the agricultural sector is still striving even with massive land mass of 70.8 million hectares, of which 34 million hectares are arable land, 6.5 million hectares are used for permanent crops, and 30.3 million hectares are meadows and pastures. Nigeria had depended on agriculture as a source of revenue and Livelihood prior to the discovery of oil in 1958. At the time of independence in 1960, Nigeria exported food to West Africa, but now, it is now a net importer. In 1960, Nigeria had a significant manufacturing sector, especially in textiles, furniture, and other goods. With the coming of oil, fiscal and economic policy were distorted, and oil sucked-up domestic and foreign investment at the expense of other sectors of the economy.

It is worthy to take a minute to ponder the resultant effect of Nigeria's dependence on oil after over 50 years of oil exploration in Nigeria. The advantages and disadvantages should also be assessed.  Has Nigeria gained more or less these past years? Has oil exploration opened more channels of revenue for Nigeria? Has oil exploration done more good than harm? The questions actually need critical analyses and objective findings to arrive at a logical conclusion to prove that dependence on oil has caused Nigeria other juicy investment opportunities in agriculture and other sectors. Reports reveal that non-oil sectors lead to vastly more employment opportunities than the oil sector and their economic activities contributed approximately 93 per cent of GDP in 2020.

At the federal level, Nigeria’s dependence on oil almost crippled her economy catalyzing a negative GDP growth of 1.8 percent in 2020.  The pandemic highlighted the potential losses to the Federation of the Federal government’s more than 50% revenue dependence on oil, as the shutdown of global economic activities, onslaught of the pandemic and sharp declines in oil demand in 2020 left the government unable to meet its 2020 revenue projections. Continued divestments by oil majors and their refocus to cleaner energy threatens Nigeria’s future ability to attain its revenue projections. Nigeria’s debt stock in 2020 stood at 31 per cent of GDP and continues to grow as it tries to bridge the shortfalls in oil revenues.

Despite all these,  the 2022 federal government budget still reflects 31 per cent of expected federal government revenue generation from oil even as oil exports continue to supply 90 per cent of Nigeria’s foreign exchange and over half of federal government revenues. However, in recent years, most Nigerian leaders have acknowledged the need to diversify the economy. This is as the Nigerian economy keeps recording recessions and economic retrogression. Former Minister of Agriculture and Food Security, Dr Mohammed Abubakar, acknowledged this when he launched the Technical Working Documents and Debriefing of Outcomes of Socio-economic Studies last year.

Abubakar had called for both private and government partnership in investing in Agriculture. Past President’s including Former President Muhammadu Buhari had also agitated the need to diversify the economy with investment in Agriculture. This is because investing in agriculture can create employment opportunities, increase economic growth, and increase trade and investment, and it can also help to improve food security and nutrition, and reduce poverty. Government has reeled out many programmes to support farmers and the agricultural sector in Nigeria . Even non-governmental organisations, and  international communities are showing concern in proritising Agriculture. However, despite these efforts, the agriculture sector in Nigeria faces several challenges, including low productivity, limited access to financing, and poor infrastructure. In addition, the sector is still largely dominated by small-scale farmers, who often lack the resources and knowledge to fully realize their potential. In this present administration of President Bola Tinubu , this is a call to action for President Tinubu to invest in the following areas :

• Investment into Precision Agriculture which involves uutilizing Global Positioning System (GPS), Geographical Information system (GIS), and remote sensing technologies to optimize crop yields and minimize input waste. By precisely mapping and monitoring fields, farmers can make data-driven decisions about planting, fertilizing, and harvesting. With the help of GPS, they can precisely navigate machinery and apply inputs only where needed, reducing costs and environmental impact while GIS technology allows for the integration and analysis of various data layers, providing insights into soil conditions, weather patterns, and crop health. With this information, farmers can make informed decisions and take targeted actions to optimize crop production.
• Hydroponic farming is another investment area government should prioritise. It is an innovative method of growing plants without soil. Instead, plants are grown in nutrient-rich water solutions, allowing for precise control over their growth conditions. This method has several advantages, including efficient water usage, reduced reliance on pesticides, and the ability to grow crops in areas with limited arable land.
• Farmers security: Insecurity is a big challenge to agriculture's emergence as a GDP-growth escalator, thus it is critical for the new government to prioritise security and safety in all places (both urban and rural areas) and find a concrete solution to farmers-Herders crisis.
• Youth empowerment : Investment in youths should also be prioritised for employment opportunities and to secure the future. Reform export standard: Nigeria must proactively reform export standards to meet global best practises 

Opinion by Mr Promise Chizara,  Agribusiness development consultant  and founder/ CEO  ZUBARA GLOBAL SERVICES  an Agribusiness Development Consulting company .

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