What's Happening?
Dr. Philips Nto, Director of Agribusiness Incubation Centre at Michael Okpara University of Agriculture, has called on President Bola Tinubu and state governors to prioritize agricultural funding in the upcoming 2026 budgets. He emphasized agriculture's vital role in Nigeria's economic development, noting its significant contribution to GDP and employment. Despite its importance, the sector has historically received inadequate funding, with the 2025 budget allocation at only 1.7% of the total budget, falling short of the 10% target set by the Malabo Declaration. Dr. Nto advocates for increased investment in agriculture to enhance food security, improve yields, and boost farmer prosperity.
Why It's Important?
Increasing funding for agriculture is crucial for Nigeria's economic development and food security. By investing more in this sector, the government can enhance agricultural productivity, reduce post-harvest losses, and improve the livelihoods of farmers. This move could also stimulate economic growth by creating jobs and increasing exports. The establishment of industrial agro hubs and the revival of agricultural extension services are essential steps towards sustainable food security. These initiatives can help farmers adopt new techniques and improve yields, ultimately contributing to the country's economic stability.
What's Next?
The Nigerian government is expected to consider Dr. Nto's recommendations as it prepares the 2026 budgets. Increased funding for agriculture could lead to the establishment of agro-industrial hubs across the country, tailored to local crop production. This initiative would require collaboration between federal, state, and local governments, potentially transforming the agricultural landscape in Nigeria. The government's tax reforms could also play a role in funding these initiatives, providing a sustainable financial model for agricultural development.
