Opinion
In Nigeria, Agriculture is the New Oil
If Nigeria commits more resources to agriculture and continues to improve institutional and legal frameworks, it will be in a position not only to feed itself but to export food and to mark a path for the rest of Africa. As Akinwumi Adesina, Nigeria’s agriculture minister, said last year, “In Nigeria, we’re making agriculture the new oil.” It is possible if the efforts are sustained.
That crucial ambition couldn’t be more timely. Nigeria, which already has more people than any other country in Africa, is expected to become the world’s third most populous by 2050, overtaking the United States. That is both good and bad news. Across the continent, demand for food is soaring, especially in rapidly growing cities. Job creation and wealth generation to meet the burgeoning demography can make it all good news. As the Africa Progress Report 2014 demonstrates, these are conditions not just for a booming agricultural sector, but also for a big drop in poverty. And that is desperately needed in Nigeria, where more than 100 million people live below the poverty line.
Copyright Forbes 2014
