Our Founder & CEO, Toheeb Azeez was a Guest on Farmlife TV on NTA 10 to discuss on the topic: Farming in Nigeria - Prospects & Challenges.

At the interview he stressed the need to significantly raise agriculture budget to unleash growth of the Nigerian agriculture and promote food security.

Nigeria’s budgetary allocation to agriculture in 2024 grew by 55.9% from previous year (thanks to increased national budget) but saw a 0.21% decrease in proportional share of national budget and with recurrent expenditure taking 30.4%.

Also, the agriculture allocation is just 1.2% and fails to meet a 10% proportion of national budget to drive growth recommended at the Maputo declaration by African states.

Fund is one of the leading constraints holding the sector back; the nation’s agriculture sector currently suffers a $9bn funding gap despite its importance.

Agriculture has not only proven to be efficient with allocations but also productive, giving multiple returns per investment.

In 2024, it generated $93.75bn (179 folds) in revenue that contributed 25% of Nigeria’s GDP from a $523m allocation which was among the lowest sectoral allocations.

It could do more with an increase not just in sum but also percentage allocation and in line with the recommended, and complemented with thoughtful and result-oriented disbursement.

Toheeb also advised the need for states to leverage their strength which helps to address food insecurity in individual states, corroborate federal government’s effort, and reduce pressure at the centre.