By Gabriel Atumeyi
The 7th edition of the Agriculture Summit Africa, held on Thursday at the prestigious Transcorp Hilton Hotel in Abuja, attracted a wide array of regional stakeholders, experts, and policymakers in the agricultural sector. As the summit kicked off, the discourse surrounding the transformation of Nigeria’s agricultural sector focused heavily on the need for modernization, industrialization, and inclusivity. Experts and analysts underscored the essential role agriculture plays in the economic development of the country and the broader African continent.
Despite Nigeria’s vast agricultural potential, the country still lags in terms of agricultural industrialization and socio-cultural mobilization. The event, which brought together influential leaders from government, financial institutions, academia, and the private sector, aimed to address these challenges and explore pathways to revolutionize the sector, enhance food security, and unlock economic growth.
Addressing Nigeria’s Agricultural Challenges
Nigeria, with its rich agricultural resources, remains one of the largest producers of several crops in Africa. However, the country’s agricultural sector continues to grapple with systemic challenges, such as climate change, unproductive lands, water shortages, and the disconnect between rural farmers and urban stakeholders. These issues not only limit the growth of agriculture but also hinder efforts to address Nigeria’s growing food security crisis.
Abubakar Suleiman, the Managing Director and CEO of Sterling Bank, delivered a keynote address highlighting the importance of a comprehensive roadmap to agricultural abundance. According to Suleiman, agriculture is central to Nigeria’s economic development strategy, and its modernization is essential for addressing the issue of food security, which is becoming increasingly urgent in the country. He emphasized that Sterling Bank’s commitment to agriculture as a driver of national growth is reflected in the bank’s lending strategy, which has seen a significant increase in agricultural lending from less than 3% to nearly 15% over the last six years. This increase, he noted, is a testament to the bank’s commitment to ensuring that the promises made at the summit translate into actionable support for farmers and stakeholders within the agricultural sector.
Suleiman pointed out that one of the significant hurdles facing the agricultural sector is the lack of proper integration between rural farmers and urban markets. This disconnect often leads to inefficiencies, as rural farmers struggle to access the right markets for their produce. To bridge this gap, he suggested that there needs to be a concerted effort to link farmers with urban stakeholders, thereby creating a seamless value chain that ensures products are processed, marketed, and sold efficiently.
The Call for Agricultural Industrialization
A central theme of the summit was the urgent need for agricultural industrialization to accelerate Nigeria’s economic transformation. Professor Oyeyinka Oyebanji, the Senior Special Adviser to the President of the African Development Bank (AFDB), who delivered the summit’s keynote address, highlighted the crucial role of production in achieving food security and overall economic stability. According to Oyebanji, industrializing agriculture would not only boost production capacity but also stimulate economic growth, job creation, and infrastructure development across the nation.
He discussed the concept of agricultural clusters, which are designed to connect rural farmers with markets, reduce transaction costs, and foster collaboration among small and medium-sized enterprises (SMEs). These clusters are vital in creating opportunities for industrial growth by reducing the barriers to entry for many smallholder farmers. Through these initiatives, Oyebanji believes that agricultural production can be scaled up, ensuring greater self-sufficiency and reducing the need for imports, which would save Nigeria billions in foreign exchange and create a more sustainable agricultural ecosystem.
Oyebanji further emphasized that the African Development Bank is committed to supporting initiatives that promote agricultural industrialization, focusing on helping countries like Nigeria build the necessary infrastructure, enhance production capacity, and link smallholder farmers with larger markets. According to him, this vision aligns with the bank’s broader mission of boosting economic growth and development across the African continent by transforming agriculture into a competitive, sustainable, and job-creating sector.
Paradigm Shift from Raw Material Agriculture
Another crucial message from the summit came from the Deputy Governor of Benue State, Sam Ode, who spoke on behalf of the Governor. He stressed the urgent need for a paradigm shift in Nigeria’s approach to agriculture. According to Ode, the country must transition from focusing primarily on raw material agriculture to finished goods agriculture. This shift, he argued, is essential to unlocking the full potential of the agricultural sector and creating a sustainable economic future for Nigeria and the entire African continent.
Ode highlighted that focusing on the production of finished goods, such as processed food products, would accelerate job creation, promote economic growth, and reduce the reliance on raw agricultural exports. He suggested that by processing agricultural products locally, Nigeria would add value to its raw materials, which would contribute to the creation of a more diversified and resilient economy. Moreover, this approach would stimulate the growth of ancillary industries, such as food processing, packaging, and distribution, further enhancing the job creation potential within the sector.
The deputy governor also touched on the potential of the agricultural value chain to contribute to poverty reduction. By fostering greater industrialization and value addition within the sector, more Nigerians could benefit from the agricultural revolution, particularly in rural areas, where unemployment and underemployment remain significant issues. This, he explained, would contribute to greater social inclusivity and long-term economic stability.
Inclusivity and the Role of SMEs
A recurring theme throughout the summit was the need for greater inclusivity in the agricultural sector. As highlighted by various speakers, agriculture in Nigeria is largely dominated by smallholder farmers who often lack the necessary resources, infrastructure, and market access to thrive. However, with the right support, small and medium-sized enterprises (SMEs) could play a pivotal role in driving agricultural industrialization.
Professor Oyebanji emphasized that the creation of agricultural clusters and collaborative networks among SMEs would enable small-scale farmers to scale their operations, access better technology, and improve their output. By fostering a more inclusive environment, these initiatives could help close the gap between rural and urban farmers, ensuring that even the smallest players in the agricultural sector can benefit from modern agricultural practices, financial support, and market access.
Conclusion: A Bright Future for Agriculture
The 7th edition of the Agriculture Summit Africa highlighted the transformative potential of agriculture in Nigeria’s economic growth and development. The discussions surrounding agricultural modernization, industrialization, and inclusivity were not just theoretical; they were framed within actionable policies, financial commitments, and infrastructure development projects that can help bridge the gap between rural farmers and urban markets.
As the summit concluded, it became clear that the future of Nigeria’s agricultural sector lies in its ability to industrialize, add value to raw materials, and create an inclusive environment where all stakeholders—particularly smallholder farmers and SMEs—can thrive. With the right investments in technology, infrastructure, and market access, Nigeria can harness its agricultural potential and contribute to food security not just in Africa, but globally. The commitment shown by various stakeholders at the summit is a step in the right direction toward achieving these ambitious goals.
