How Nigeria can earn $50bn annually — Expert

A food systems specialist, Azubike Nwokoye, has revealed that Nigeria can generate $50.4 billion annually by integrating 14 million unemployed youths into agriculture.

Nwokoye made this assertion at the National Young People’s Dialogue on Inclusive Food Systems held in Abuja.

According to Nwokoye, unlocking Nigeria’s food systems could significantly impact not just agriculture, but also energy and finance.

“Improving our food systems can reduce capital flight through food imports and boost capital inflow through exports of food and raw materials,” he said.

Nwokoye emphasised that targeted investment in agriculture could improve Nigeria’s GDP-to-debt ratio, attract foreign investment, and boost domestic resource mobilization.

He noted that empowering just five million youth in agriculture under the African Continental Free Trade Area (AfCFTA) could generate between $10 to $20 billion annually, depending on project efficiency and market access.

With over 40 percent of Nigeria’s population lacking access to electricity, particularly in rural, agriculturally productive regions, Nwokoye stressed that investing in agriculture would also stimulate the energy sector.

“Boosting agriculture through youth participation can trigger demand-driven investment in energy infrastructure, especially renewable energy,” he said.

Nwokoye further stated that integrating 14 million unemployed youths into agriculture could inject over N21 trillion ($50.4 billion) annually into the economy, fostering employment, reducing crime, and promoting climate resilience through agroforestry and land restoration.

However, Nwokoye identified systemic barriers youths face in agriculture, including lack of access to finance and land, and negative perceptions by financial service providers.

“Commercial banks view young farmers as high-risk borrowers. This perception must change, and we need urgent policy reforms to give youth access to land, technology, and capital.”

Failure to act, Nwokoye warned, could cost the nation an estimated $40 billion in missed economic opportunities annually, as youth are excluded from high-growth areas like agri-tech and agro-processing.

Senator Saliu Mustapha, Chairman Senate Committee on Agriculture Production Services and Rural Development, emphasized the critical role of young people in transforming the agricultural sector.

“With their innovation, resilience, and energy, our youth are key to achieving food security and economic growth,” he concluded.

In his remarks, Senator Mustapha expressed support for integrating youth-focused programs into existing government structures, such as the National Agricultural Development Fund (NADF), to ensure policy continuity and efficient resource use. 

“It would be premature to create additional funding vehicles when NADFund can be repositioned to support youth inclusion,” he noted.

He called for deliberate policy shifts, training, and investment to empower young Nigerians in agriculture, urging stakeholders to foster an enabling environment for entrepreneurship and innovation in food systems.

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