Global Investors Flock to Nigeria’s Agriculture Sector
Nigeria’s Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu , has revealed that investors from Brazil, Belarus, and Saudi Arabia are increasingly entering Nigeria’s agricultural sector. This surge, he stated, stems from growing confidence in the economy under President Bola Ahmed Tinubu ’s reform-driven administration.
“Investors want credible policies, transparent environments, and sustainable GDP growth. The world is noticing Nigeria’s bold steps,” Bagudu emphasized in a statement signed by Bayo Onanuga , Special Adviser to the President.
Reforms Driving Economic Confidence
Two transformative policies—fuel subsidy removal and foreign exchange (FX) market unification —have been central to restoring fiscal discipline:
- Fuel Subsidy Removal: Saved 5% of GDP annually, redirecting funds to critical sectors.
- FX Unification: Eliminated arbitrage, fostering a fair “willing buyer, willing seller” market.
“These decisions, though tough, signal transparency and attract private sector confidence,” Bagudu noted.
Nigeria’s Economic Resurgence: By the Numbers
- Trade Exports: Soared to $50.4 billion in 2024 , driven by subsidy removal and exchange rate adjustments.
- Total Trade Volume: Hit a historic ₦138 trillion in 2024.
- FAAC Allocations: Skyrocketed from ₦760 billion (2023) to ₦3.2 trillion (2024) , boosting federal, state, and local coffers.
Budget Priorities: Balancing Prudence and Growth
The 2024 and 2025 budgets prioritize:
- Increased spending on health, education, infrastructure, and security .
- Deficit reduction through disciplined fiscal planning.
- Data-driven policies to align with global economic standards.
Bagudu highlighted President Tinubu’s commitment to institutional integrity , including respecting Central Bank independence despite inheriting ₦22.7 trillion in Ways and Means liabilities.
Agriculture: The New Investment Frontier
The entry of Brazil, Belarus, and Saudi Arabia into Nigeria’s agricultural sector underscores the sector’s potential. Bagudu linked this to reforms that ensure policy stability and investor returns:
“For the first time in 25 years, Nigeria is refining oil locally—a testament to our economic vision,” he added.
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