Abubakar Bagudu, the minister of budget and economic planning, says agriculture is recording significant strides under President Bola Tinubu’s administration.
Speaking on Tuesday at an event at the University of Ibadan, the minister explained that the agriculture sector grew by 1.76 percent in quarter four of 2024.
Bagudu attributed the sector’s growth to Tinubu’s policies, saying increased budgetary funding, improved access to finance, and promotion of technological innovation and mechanisation have enhanced climate resilience, infrastructure development, strengthened public-private partnerships, and bolstered security.
“Agriculture’s 1.76% growth and 25.59 percent contribution remain vital. The Q4 2024 GDP results confirm we are on the right path,” he said.
Advertisement
Bagudu said the sector has seen a consistent increase in budgetary allocations since Tinubu assumed office—rising from N228.4 billion (1.05% of the 2023 budget) to N362.94 billion (1.32% in 2024) and further to N826.5 billion (1.7% in the 2025 budget).
The minister noted that the N100 billion national agricultural development fund, which Tinubu established in 2023 to address financing challenges in agriculture, and the donation of 2.15 million bags of fertiliser worth N100 billion by the Central Bank of Nigeria (CBN) to support farmers are all pivotal to the sector.
“Let me emphasise that the agricultural milestones of the last 23 months of the Tinubu administration are far from where we want to be,” he said.
Advertisement
“However, they indicate our commitment to transforming the sector. The recent establishment of a separate ministry for livestock development signifies the administration’s forward-looking approach to expanding the sector’s frontiers and serves as a game changer for the economy.”
The minister said the ministry would ensure state technical committees lead policy coordination and monitoring at the subnational level, promote public-private partnerships, and mobilise resources through partnerships with agribusinesses, the Food and Agriculture Organization (FAO), the World Food Programme (WFP), and other stakeholders.
Bagudu added that through the vigorous implementation of the renewed hope agenda and the national development plan, Nigeria aims to become an agricultural powerhouse, capable of feeding its population, driving economic growth, and competing on the global stage.
Advertisement
