Agriculture: Backbone of the Economy, Hope of the Youths.

Agriculture, the production of food and livestock and the purposeful tendering of plants and animal has been described as the most important sector of the Nigeria economy which holds a lot of potentials for the future economic development of the nation as it had done in the past. Blessed with abundant land and water resources, Nigeria’s agricultural sector has a high potential for growth.  

Before the advent of oil in the 1960s, the Nigerian agricultural sector was doing very well and the country could fend for itself in all ramifications.  With the steady decline in oil revenue, it is not difficult to see why attention is shifting to the Nigeria long neglected agricultural sector.

The new wave of Agricultural revolution:

The unprecedented crash of the crude oil price from June 2014 in the international market and the subsequent devaluation of the Naira  by the Federal Government have been described as a pointer to the fact that the salvation of the Nigerian economy in the future depends on massive agricultural revolution and local manufacturing. The notion held in the past by large percentage of African youths that Agriculture is a primitive vocation meant for the uneducated rural peasant engulfed in a vicious cycle of poverty and not what a young person should practice, is gradually changing.
The Federal Government of Nigeria has identified the modernization of the agricultural sector as a major priority and several measure and policies has been put in place by the government to turn around the sector in Nigerian and make it the backbone of the economy in the next few years. As a result, the number of youths in the agricultural sector has increased admirably, in comparison to the past, when youths shy away from agriculture because of the drudgery

Why the increasing focus on agriculture:

 Nigeria’s population is expected to be more than double its current number by 2050 and this ultimately   means there will be need for increase in food production as well as more market and profit for agricultural products. Food is the number one basic need, and as it stands, no one eats crude oil.

Agriculture and Job Creation/ Poverty Eradication: 

The agricultural sector remains full of potential and its value-chain brimming with opportunity. The preponderance of opportunities suggests that agriculture is pivotal to solving issues of unemployment, food shortage and poverty that abound in the country. Speaking on agriculture and youths in Nigeria, an agro-entrepreneur, Alaba Kehinde said agriculture employs around two-thirds of the workforce, including 90 per cent of the rural population.  Agriculture is capable of employing millions of Nigerians and also generating foreign earnings for the government through export.

Investment opportunities in Agriculture:

Investment opportunities in Agriculture in Nigeria are endless.  Before the advent of oil, Western Nigeria was well known for production of Cocoa, the Mid-West for the production of Rubber, the East for Timber and Palm Oil while the North was known for Groundnut and cotton.  That was long ago. Today, with the increase in population, availability of mechanised techniques, market, awareness, export opportunities, and asses to funds, there are inexhaustible investment opportunities in agriculture and agro products.  An intending  entrepreneur can consider going into i) Plantain plantation/ processing, ii) tomato growing and processing, iii) banana, iv) cassava production and processing , v) poultry farming, vi) cucumber, vii) vegetable, viii) soya, ix) maize,   x) fishery, xi) Piggery, xii) Snail farming, xiii) Turkey farming, xiv)Guinea Fowl, xv) Quail , xvi)Mushroom, xvii) cattle, xviii) fruit , xix) cashew nuts, xx) palm oil. The list is simply endless.

You can also go into Food Processing, distribution and storage or logistics.

It is advisable, however, to consult with or employ the services of a good financial advisor to help appraise the right kind of matching fund for your business.

Assess to Loans, Financial Support and Mentorship for New and Struggling Entrepreneurs:

Finance is the critical catalyst to growth for any venture. Recognizing the challenges faced by farmers and youths intending to go into agriculture, the Federal Government of Nigeria has identified the modernization of the agricultural sector as a major priority. Former President Obasanjo, one of the founding members of the New Economic Partnership for Africa (NEPAD), repeatedly expressed a commitment to meeting the NEPAD goal of investing at least 10 percent of the national budget in agriculture and related activities.

Also former President Jonathan launched an Agricultural Transformation Agenda when he assumed office in 2011. The focus of this was to reduce Nigeria’s expenditure on food imports (totalling over $11 billion) and instead, raise agricultural productivity and value-addition. Specifically, he made a conscious decision to refocus the sector on private sector engagement and end decades of government domination.

These reforms are working, as investments from the private sector have soared.

The measure at which Nigeria’s agricultural prowess has grown in the last four years was laid bare at the Eagle Square, during the AgriFest held in Abuja, on Friday, January 23 where no fewer than 20,000 farmers from different parts of Nigeria converged for the 2015 edition of AgriFest.

From as far as Kebbi, to even the troubled North Eastern states of Borno and Adamawa, farmers came with products and testimonies that simply attest to the phenomenal growth the agriculture sector has received under the immediate past government of President Gudluck Jonathan.

T he National Association of Nigerian Traders (NANTS) has built the capacity and empowered many farmers across Nigeria through micro-credit schemes, as the current farming season goes on for 2014-2015.

According to the association, about 2,000 small scale farmers located in Benue, Nasarawa, Ebonyi, Ondo, Plateau, Kaduna and Niger States as well as the Federal Capital Territory, Abuja were made beneficiaries of the NANTS micro-credit scheme.

The loan disbursement which targets the poor or physically challenged farmers as the key beneficiaries has been on for the past six years and is still on.

There are lots of business plan competitions; grant and fund opportunities for Nigerians but a lot of Nigerians don’t know how to access all those opportunities. Nigerians that are looking for grant opportunities to raise funds to either start a new business or expand their existing business should invest time and energy in researching out new and old business funding opportunities’ for their business. Some of these programmes are:

Central Bank  of Nigeria (CBN), Bank of Industry (BOI), Bank of Agriculture (BOA)

YouWiN! Youth Enterprise with Innovation in Nigeria Business Plan Competition(up to 10 million naira seed grant.)

The Tony Elumelu Foundation Entrepreneurship Programme: TEEP

GIST Tech- I Competition 2015 ($15,000)

Funding and business development Opportunities for SMEs in Nigeria. (between 100,000 and € 1,000,000.)

NEXIM, NISRAL, CACS, etc

 Millions of Nigerians has benefited and are still benefiting from these programmes, so what are you waiting for?  In some cases, they also assist with equipment purchase and mentorship programmes.

The current government intends to diversify the country’s resource base and also to increase the level of export of primary products with some emphasis on adding value to primary products. President Muhammad Buhari has promised to look into the polices started by the past administration and continue with them if found viable.

A strong and efficient agricultural sector would enable a country to feed its growing population, generate employment, earn foreign exchange and provide raw materials for industries. The agricultural sector has a multiplier effect on any nation’s socio-economic and industrial fabric because of the multifunctional nature of agriculture.

There is a new wave of Agricultural revolution, and the sector is expected to become, in a very short time, the hub of the economy, and nobody, especially the youths should be caught napping.