Nigeria’s road to prosperity lies in agriculture, not oil

By Arajulu Olatubosun

As a nation, Nigeria stands at a pivotal moment in its history. For decades, we have leaned heavily on crude oil as the backbone of our economy. But that backbone is becoming increasingly fragile. The global shift toward renewable energy, coupled with volatile oil prices, has exposed the vulnerability of our economic model. It is time for Nigeria to embrace a new path — one that is sustainable, inclusive, and resilient. That path is agriculture.

As an Agricultural Economist with years of experience across global agribusinesses and development institutions, I have seen firsthand how agriculture, when properly harnessed, can be the cornerstone of national transformation. I have worked with organizations in Switzerland and Nigeria, from AGROFORCE COMMODITIES to ECOM AGRO INDUSTRIAL CORPORATION, and the evidence is clear: no sector holds greater potential for Nigeria’s future than agriculture.

Agriculture Is Our Nation’s True Strength

During a recent economic summit themed “Nigeria’s Economy and the Way Forward,” I made the case that Nigeria cannot survive without agriculture. Crude oil may have once brought us wealth, but it is unreliable. It is no longer a guarantee of stability or growth. Agriculture, on the other hand, is dependable. It feeds our population, creates jobs, drives local industries, and earns us foreign exchange.

A Sector That Works for Everyone

One of agriculture’s greatest strengths lies in its reach. It employs nearly 70 percent of the rural population and offers income opportunities across the value chain — from small-scale farmers to processors, marketers, and exporters. It is a key weapon in the fight against unemployment and poverty, especially among our youth.

Food Security Is Economic Security

Nigeria currently spends up to 2.5 billion dollars annually on the importation of staples like rice and wheat. This is not only unsustainable but also a major strain on our foreign reserves. Strengthening local food production through better seeds, irrigation systems, and farming technology will reduce this burden. More importantly, it will ensure that Nigerians have access to affordable, nutritious food grown within our borders.

Staple crops such as yam, cassava, maize, and vegetables are not just essential to our diets, they are pillars of national food security. Investing in them supports our sovereignty and helps us withstand global supply chain shocks.

A Major Driver of GDP and Growth

Agriculture contributes between 25 and 30 percent of Nigeria’s GDP, making it one of the largest components of our economy. It is also one of the most inclusive, reaching millions of Nigerians who are otherwise excluded from the benefits of oil wealth. Agriculture enables grassroots-driven development — the kind that creates real change in real communities.

Unlocking the Potential of Non-Oil Exports

Crops such as cocoa, cashew, sesame, palm oil, and ginger already generate substantial foreign exchange. With the right infrastructure and export policies, these products can become the foundation of a diversified and competitive Nigerian economy. We must reposition ourselves to take advantage of global demand for high-quality agricultural commodities.

Fueling Industry and Innovation

Beyond food, agriculture fuels local industries. Cotton feeds the textile industry. Cassava supports food processing. Cocoa powers the beverage sector. These linkages stimulate manufacturing and create jobs in value-added production, helping to grow our economy beyond raw commodity exports.

Reviving Rural Nigeria

When agriculture thrives, rural areas come alive. Improved roads, markets, and storage facilities follow agricultural investment. Jobs are created locally, reducing the need for young people to migrate to overcrowded cities. Rural development is not just about infrastructure — it is about giving people a reason to stay and build better lives where they are.

Building a Sustainable and Resilient Future

Agriculture is uniquely positioned to support environmental conservation. Practices like agroforestry, organic farming, and climate-smart agriculture help protect our land and water resources. Unlike extractive industries, agriculture can be regenerative. It allows us to grow our economy while healing our environment.

The Key to National Stability

A well-fed nation is a stable nation. When agriculture provides food, jobs, and hope, it reduces the drivers of conflict — hunger, unemployment, and inequality. In this way, agriculture supports peace and national unity.

The message is clear. Nigeria’s future is not buried beneath the earth in oil wells. It is growing in our fields, orchards, and farmlands. The sooner we embrace agriculture as our national priority, the sooner we can build a resilient, inclusive, and prosperous economy.

It is time to stop seeing agriculture as a fallback option and start treating it as the future. Because when oil fails us — and it will — only agriculture will be there to sustain us.

About the Author
Arajulu Olatubosun is an Agricultural Economist with a passion for building sustainable food systems and resilient economies. He has worked with leading agribusiness firms and global institutions in Switzerland and Nigeria, focusing on value chain development, policy innovation, and rural empowerment. His work bridges the gap between economics, sustainability, and agribusiness to create measurable impact for individuals, communities, and nations.