The Federal Government has attributed the growth recorded in the agricultural sector in the fourth quarter (Q$4) of 2024 to the focused policy direction and strategic interventions initiated under President Bola Tinubu’s administration.
According to the Minister of Budget and Economic Planning, Senator Abubakar Bagudu, agriculture grew by 1.76 percent in Q4 2024 and contributed 25.59 percent to the overall Gross Domestic Product (GDP) growth of 3.84 percent for the period. He said the performance signals the impact of the Federal Government’s commitment to the sector.
Bagudu spoke on Tuesday at the University of Ibadan at the Agricultural Economics Distinguished Personality Lecture delivered by Dr. Ndiame Diop, the Country Director of the World Bank Nigeria Country Office.
The minister said the sector’s performance validates the policy direction of the Tinubu administration, noting that “Q4 2024 GDP results confirm we are on the right path.”
Bagudu credited the progress to policies that enhanced budgetary funding, expanded access to finance, supported mechanization and technology adoption, improved climate resilience, built critical infrastructure, enabled public-private partnerships, and strengthened security in rural communities.
He cited increased allocations to agriculture as a key driver of the sector’s performance. Budgetary provisions, he said, rose from N228.4 billion (1.05 percent of the 2023 budget) to N362.94 billion (1.32 percent in 2024) and are expected to reach N826.5 billion (1.7 percent of the 2025 budget).
Also contributing to the sector’s gains was the N100 billion National Agricultural Development Fund set up in 2023 to address financing bottlenecks, as well as the Central Bank of Nigeria’s donation of 2.15 million bags of fertilizer, valued at another N100 billion, to support farmers.
“Let me be clear,” Bagudu told the audience, “the agricultural milestones of the last 23 months of the Tinubu administration are far from where we want to be. However, they indicate our commitment to transforming the sector.”
He said the recent establishment of a Ministry of Livestock Development reflects the administration’s broader vision for the agricultural sector and marks a strategic shift with the potential to unlock new growth frontiers.
As part of its coordination mandate, Bagudu explained that the Federal Ministry of Budget and Economic Planning will continue to strengthen partnerships across institutions and stakeholders.
He added that the ministry is working to deepen policy coordination through state-level technical committees, support public-private partnerships, and mobilize resources in collaboration with development partners such as the Food and Agriculture Organization (FAO), the World Food Programme (WFP), and agribusinesses.
He called for a united effort involving government, academia, the private sector, and development institutions to convert present challenges into sustainable opportunities.
“Through the aggressive implementation of the Renewed Hope Agenda and the National Development Plan, Nigeria will become an agricultural powerhouse that feeds its people, powers its economy, and competes globally,” he said.
Delivering the Distinguished Lecture titled: “Leveraging Agricultural Transformation for Sustainable Economic Development in Nigeria: Key Considerations,” Dr. Diop stressed the need for foundational reforms and investments in critical enablers such as education and human capital, rural infrastructure and connectivity, security, reliable energy, access to finance, and improved cross-border trade.
He warned that meaningful transformation cannot happen overnight, but requires strong leadership and macroeconomic stability.
According to Diop, Nigeria faces a rapidly expanding workforce, with about 5.5 million people joining the labour market every year. This trend, he said, provides both a challenge and a strategic opportunity for Nigeria to become a key economic engine in Africa and globally.
He said the country must accelerate the movement of labour from low-productivity, low-income informal activities to more productive and better-paying sectors of the economy.
(The Nation)
