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Nigeria is currently facing a severe economic crisis, characterized by soaring inflation and rampant food insecurity. Despite governments’ efforts through various policies aimed at mitigating this crisis, the desired results have yet to materialize. The consequences are far-reaching, with widespread hunger and anger pervading the nation as citizens struggle to afford even the most basic necessities.
But where lies the solution? In my opinion, beyond the necessary calls for reducing the cost of governance, curbing procurement fraud, and reforming the legislative arm of government, the immediate and long-term solution lies in our rich soil and fertile land. We must return to our agricultural roots, for it holds the key to our prosperity. To achieve this, the federal government should enact a national policy, backed by law, requiring each state to allocate 30-35% of their annual budget to agriculture within a well defined period of time.
The policy should mandate every state to focus on at least three crops, determined by soil fertility tests, to maximize yields and promote efficiency. For immediate impact, these crops should be selected based on their ability to guarantee two harvests per year or at least, once annually, ensuring a steady supply and reducing reliance on imports. A clear target should be set for each state to become an exporter of the crops they cultivate within a two years, thereby boosting local economies and contributing to national food security.
For instance, if I were in a position of authority in my state, Cross River, I would prioritize investments in yam, rice, and cassava farming for short-term gains within the next year, while also investing heavily in rubber, cocoa, and palm for long-term benefits. Given their high yields and growth rates, cassava and rice can be cultivated and harvested twice a year, while yam can be harvested annually. With proper management, these crops have the potential to generate significant revenue for the state and create a substantial number of jobs for our people, thereby stimulating local economic growth and development.
Vietnam, a country with a population of about 100 million, has successfully established agriculture as the backbone of its economy. In contrast, Nigeria, a country founded on agricultural produce before the discovery of oil, with a population of over 200 million, has struggled to achieve food security. While I understand the government’s desperation to address food shortages leading to the recent policy to open border for food importation, I still believe it’s an embarrassment that we’re resorting to this solution at this time. What’s even more striking is that we’ll be importing food from countries with smaller populations and landmasses than ours.
To move forward, we must return to our roots. The government should establish credit facilities through banks and financial institutions for individuals willing to venture into farming. However, these funds should not be disbursed without strings attached. A robust monitoring and evaluation system must be put in place to ensure that the funds are utilized exclusively for agricultural purposes. Any diversion of funds for non-agricultural purposes should be met with swift prosecution, to deter abuse and ensure accountability.
Many young people are now recognizing the potential and value of agriculture, dispelling the notion that it’s an outdated or uneducated people’s venture. Some are enthusiastic about returning to farming, but accessing the necessary funds to establish and grow their agricultural businesses remains a significant hurdle. Even when the government claims to provide funding, the amounts are often meager and insufficient for the ordinary Nigerians, making it difficult for young farmers to get started or scale up their operations.
The federal government currently allocates approximately N30 billion annually to subsidize meals for the 112 unity schools across the country. This translates to a monthly disbursement of N2,487,056,400 to the Ministry of Education. However, it’s important to assess the effectiveness of this policy since its inception under the Muhammadu Buhari’s administration. Despite the substantial investment, there appears to be little tangible impact.
Consider an alternative scenario: if these funds were channeled towards empowering 112 Nigerian farmers, each focusing on a single crop, the outcomes could be transformative. This investment would not only create numerous jobs but also significantly enhance food security and generate foreign exchange through exports, ultimately benefiting the country’s economy. The federal government should reevaluate this policy and explore more reasonable alternative to achieve sustainable impact.
As a country, we must be deliberate about finding solutions to our economic woes. Like John Maxwell said, everything rises and falls on leadership. Our leaders must suspend non-essential spending and invest in agriculture. This will boost the economy through exports, generating significant foreign exchange, creating jobs, and improving food security.
Inyali Peter, Ph.D
Disclaimer: The opinion expressed in this article is strictly that of the author, Inyali Peter, and does not represent TheLumineNews, its agent or the organization the author works for
