Business
NABG: Advancing Agriculture For Sustainable Growth
Read the journey of Nigeria’s agricultural sector and its potential for growth and learn about the Nigeria Agribusiness Group (NABG’s) efforts to uplift farmers and create employment opportunities.
Over the past decade, Nigeria’s agricultural sector has faced significant challenges despite various attempts by previous governments to improve its productivity. Factors such as insurgency, lack of affordable inputs for farmers, and other obstacles have hindered the sector’s progress.
However, research indicates that agriculture engages around 70% of Nigerians, highlighting its critical role in providing employment opportunities and driving economic growth. To address these issues and expand the frontiers of agricultural development, the Nigeria Agribusiness Group (NABG) has emerged as a leading civil society organization dedicated to growing Nigeria’s agricultural economy.
Role Of Nigeria Agribusiness Group (NABG)
The NABG, comprising influential business players in the agricultural sector, collaborates with local and global donor agencies and works closely with the government to enhance Nigeria’s agricultural economy. By creating an enabling environment for private capital investment and focusing on broadening the frontiers of agricultural growth, the NABG aims to lift millions out of poverty and generate employment opportunities for the country’s youth.
The Pre-Presidential Technical Meeting
Recently, the NABG organized a pre-presidential technical meeting to evaluate the agricultural sector’s performance over the past eight years. The objective was to set an agenda for the upcoming presidential roundtable summit, scheduled to take place in Abuja. The meeting brought together key partners, including Harvest Plus, the International Fertiliser Development Centre (IFDC)/HortiNigeria, the International Institute for Tropical Agriculture (IITA), and the Global Alliance for Improved Nutrition (GAIN). These stakeholders engaged in insightful discussions to identify critical areas for the sector’s development.
Objectives Of The Technical Meeting
The technical meeting served as a platform to bring together diverse perspectives and foster collaboration among stakeholders. The key objectives included shaping policies, exploring emerging trends, promoting sustainable agribusiness development for the next four years, and encouraging open and constructive dialogue on pressing issues in Nigeria’s agribusiness sector. Through evidence-based discussions, participants aimed to address challenges and develop innovative solutions while sharing their insights and experiences.
Focus Areas For Agricultural Development
The technical meeting aimed to lay the groundwork for the upcoming presidential roundtable summit, focusing on key aspects such as the digital transformation of the sector, integration of the value chain, and enhancing national food security. Participants delved into topics such as agric technologies, precision agriculture, market trends, consumer preferences, and the assessment of environments conducive to sustainable farming practices. Furthermore, the meeting highlighted the need to review agricultural policies, regulatory landscapes for export and global trade, logistics in farm-to-table movements, and addressing post-harvest losses and weak storage facilities.
The Importance Of Collaboration And Support
Recognizing the significance of collective efforts, stakeholders emphasized the crucial role of collaboration in achieving food security and improving nutritional outcomes. The Country Manager of Harvest Plus, Yusuf Dollah, stressed the importance of maintaining and sustaining food production quality for both local consumption and exports. Dr. Michael Ojo, the Country Director of the Global Alliance for Improved Nutrition (GAIN), emphasized the need to address malnutrition, food insecurity, and limited economic opportunities, especially for the 80% of Nigerians facing these challenges.
Supporting Smallholder Farmers And Incentives
To transform agriculture and support smallholder farmers, stakeholders highlighted the necessity of creating an enabling environment and investing in requisite technologies. Dr. Michael Ojo, Country Director of GAIN, emphasized the role of governments and relevant stakeholders in providing incentives and support to smallholder farmers. Dr. Abdullahi Umar, the representative of IFDC/HortiNigeria, pledged their willingness to collaborate and partner with the NABG in advancing the growth of the agricultural sector in Nigeria.
The Planned Presidential Retreat
Building on the collaborative efforts of the NABG and other stakeholders, the upcoming presidential retreat holds the promise of unveiling new strategies for Nigeria’s agricultural development. In the face of challenges posed by climate change, it is imperative to take deliberate measures to address the issues affecting agriculture. One potential game-changer is the proposed project to recharge Lake Chad by channeling the Bangi River, which could create opportunities for massive agricultural production and establish agro-industrial corridors and hubs for the export of food and agro-allied products.
Climate Change Policies And Opportunities
The NABG has been actively involved in climate change policies, collaborating with the National Council for Climate Change and other critical stakeholders. Agricultural activities contribute significantly to Nigeria’s national determined contributions (NDCs), making it crucial to develop implementation frameworks for climate-smart agriculture. Such frameworks, when ratified and implemented, will guide policy efforts and provide tools for monitoring and evaluation. Furthermore, Nigeria has the potential to leverage carbon trading opportunities, enabling communities to adapt and build resilience while benefiting from economic mobilization.
Looking Ahead To The Presidential Roundtable Retreat
As Nigeria eagerly awaits the first presidential roundtable retreat on agribusiness, there is a growing sense of optimism that the country is poised to unleash its agricultural potential. The NABG, along with its partners, aims to present a comprehensive report to the new administration, highlighting the challenges hindering the sector’s development and providing actionable recommendations. By walking the talk and fostering collaboration among stakeholders, Nigeria can pave the way for sustainable growth and unlock the immense opportunities within the agricultural sector.
The agricultural sector plays a crucial role in Nigeria’s economy, and there is a pressing need to overcome the challenges that have hampered its growth. The Nigeria Agribusiness Group, in collaboration with local and global partners, is committed to driving the country’s agricultural development by creating an enabling environment, fostering collaboration, and implementing innovative solutions. The recent pre-presidential technical meeting and the upcoming presidential roundtable summit offer valuable platforms for stakeholders to shape policies, address critical issues, and explore opportunities for sustainable agribusiness. With collective efforts and a renewed commitment to agricultural advancement, Nigeria can embark on a transformative journey towards realizing its agricultural potential and ensuring food security for its citizens.
Nigeria’s public debt rose by 48.5 per cent year-on-year (YoY) to N144.67 trillion ($94.23 billion) in 2024 from N97.34 trillion ($108.23 billion) in 2023.
The Debt Management Office (DMO) disclosed this in its latest public debt profile report.
The debt stock consists of external debt of N70.29 trillion ($45.78 billion) serviced with $4.66 million and domestic debt of N74.38 trillion ($48.44 billion).
The report showed that the country’s external debt increased by 83.89 per cent YoY from N38.22 trillion ($42.5 billion) in 2023.
Domestic debt also grew by 25.7 per cent YoY from N59.12 trillion ($65.73 billion) in 2023.
The report further indicated that the Federal Government’s domestic debt component rose by 32 per cent YoY to N70.41 trillion from N53.26 trillion in 2023.
But the domestic debt of states and the Federal Capital Territory declined YoY by 32 per cent to N3.97 trillion in 2024 from N5.86 trillion in 2023.
The rise in public debt can be attributed to fluctuating trends in exchange rates amidst changes in global economic conditions.
The sharp increase, particularly in external debt, highlights the nation’s vulnerability to exchange rate volatility and changes in global economic conditions.
With the continued depreciation of the naira, the cost of servicing foreign debt could escalate, adding pressure on the country’s financial resources.
The Nigerian National Petroleum Company Limited (NNPCL) has announced the appointment of a new eight -man Senior Management Team.
The appointment followed the recent announcement followed the appointment of the Group Chief Executive Officer (GCEO) and Board of Directors.
Disclosing this in a statement on Friday, NNPCL Chief Corporate Communications Officer, Olufemi Soneye, said the appointments all take immediate effect.
“Following the appointment of the Group Chief Executive Officer and Board of Directors, the Nigerian National Petroleum Company Limited (NNPC Ltd) has announced the appointment of a new 8-man Senior Management Team on Friday,” he stated.
“The team which will be headed by the GCEO, Mr Bashir Bayo Ojulari, has Rowland Ewubare as Group Chief Operating Officer; Adedapo Segun as Group Chief Financial Officer; and Olalekan Ogunleye as Executive Vice President Gas, Power & New Energy.
“Other members of the team are: Udy Ntia as Executive Vice President Upstream; Mumuni Dangazau as Executive Vice President Downstream; Sophia Mbakwe as Executive Vice President Business Services; and Adesua Dozie, as Company Secretary & Chief Legal Officer. All appointments are with immediate effect.”
Ngozi Okonjo-Iweala, the director-generaI of the World Trade Organisation (WTO), says the recent tariffs announced by the United States (US) will have significant implications for global trade and economic growth prospects.
On April 2, President Donald Trump announced sweeping global tariffs on all imports into the US, imposing 14 percent on Nigeria.
In a statement on Thursday, Okonjo-Iweala said the WTO secretariat is closely monitoring and analysing the measures announced by the nation.
The WTO DG said many members have “reached out to us”, adding that the secretariat is actively engaging with them in response to their questions about the potential effect on their economies and the global trading system.
“The recent announcements will have substantial implications for global trade and economic growth prospects,” the economist said.
“While the situation is rapidly evolving, our initial estimates suggest that these measures, coupled with those introduced since the beginning of the year, could lead to an overall contraction of around 1% in global merchandise trade volumes this year, representing a downward revision of nearly four percentage points from previous projections.”
Okonjo-Iweala expressed concern over the decline and the potential for escalation into a tariff war with a cycle of retaliatory measures that could lead to further declines in trade.
“It is important to remember that, despite these new measures, the vast majority of global trade still flows under the WTO’s Most-Favored-Nation (MFN) terms,” she said.
“Our estimates now indicate that this share currently stands at 74%, down from around 80% at the beginning of the year. WTO members must stand together to safeguard these gains.”
According to the WTO DG, trade measures of this size have the potential to create significant trade diversion effects.
Therefore, she called on members to “manage the resulting pressures responsibly to prevent trade tensions from proliferating”.
“The WTO was established to serve precisely in moments like this — as a platform for dialogue, to prevent trade conflicts from escalating, and to support an open and predictable trading environment,” Okonjo-Iweala said.
She encouraged members to utilise the forum to engage constructively and seek cooperative solutions.