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A former Senior Special Adviser for Industrialisation at the African Development Bank, Prof. Oyebanji Oyelaran-Oyeyinka has emphasized that developing agriculture is the sole viable route to achieving economic growth, food security, and the reduction of poverty in Nigeria.

Presenting a speech entitled, “Industrialising Agriculture for Economic Development and Food Security,” at the Oyo State International Agribusiness Summit 2025, which concluded recently, took place at IITA, Ibadan. Oyelaran-Oyeyinka cautioned that Nigeria’s agricultural system is still technologically outdated and unable to facilitate national progress.

Oyelaran-Oyeyinka, a development economist and visiting professor at The Open University in Milton Keynes, UK, stated, “We are currently at a crucial turning point in our country’s history,” and noted, “We have abundant, fertile lands, but we still face a food shortage and rely on importing wheat, rice, sugar, and fish.”

Expressing concern over Nigeria’s annual food import expenditure exceeding N1 trillion, the former AfDB advisor stated that the system “hurts farmers, reduces local production, increases unemployment, and hinders agro-processing and manufacturing.”

The don also referred to the industrialization of agriculture as “the sole viable route for economic development in nations such as Nigeria, which possess vast land areas but depend heavily on imports.”

He stated that Nigeria’s growth path has continued to be weak as agriculture is still viewed as a subsistence activity instead of a science-based, profit-generating sector.

“It is impossible to create a competitive economy by relying solely on raw material exports and food imports. This approach ensures continued poverty. True progress starts when agriculture supports industry, and industry drives exports,” he emphasized.

Oyelaran-Oyeyinka criticized Nigeria’s recurring policy changes, particularly import restrictions and abrupt reversals, stating that these actions undermine farmers’ trust and hinder private investment.

“When the government lowers the price of locally grown products by importing without planning, you erase a whole year of farmers’ efforts and force them to close down. That is how you eliminate jobs that should be created,” he noted.

He continued by stating that nations which restructured their economies, like Brazil, Malaysia, and Vietnam, achieved this by combining agriculture with processing, storage, logistics, and manufacturing. Nevertheless, he emphasized that Nigeria should focus on research-based production, mechanization, financial support for farmers, and market-oriented value chains to achieve genuine industrial development.

“Agri-industrialisation isn’t focused on tractors appearing on TV. It involves science, data, processing facilities, effective supply chains, and competitive groups that transform raw materials into export-ready goods,” he emphasized.

Oyelaran-Oyeyinka called on federal and state governments to stabilize policies, enhance agricultural research institutions, and establish a favorable climate for private sector-driven investments.

“Nigeria possesses the land, population, and internal demand to develop one of Africa’s most robust food and industrial economies. What we are missing is consistency and implementation,” he stated.

The instructor mentioned that if immediate changes are not made, Nigeria will keep facing rising food prices, loss of employment opportunities, and reduced efficiency, even though it has one of the biggest young populations on the continent.

“This economy will not flourish through oil. It needs to develop through the agro-industrial value chain. That is where the future lies,” he emphasized.

In his comments, the Governor of Oyo State, Seyi Makinde, stated that the state has made conscious efforts to transform agriculture into a commercial enterprise instead of a means of subsistence.

He stated that the administration started by enhancing collaborations with research institutions to update agricultural models.

We questioned: why don’t we involve all these institutions that are conducting research and making significant contributions to enhance the model we are utilizing?

We chose to start with our own community and collaborated with IITA first. For the revival of cocoa, we are now working with both IITA and the Cocoa Research Institute of Nigeria.

Makinde also emphasized advancements in Oyo State’s Special Agro-Industrial Processing Zones, stating, “We have two zones – the Iseyin and Iruwa areas – being developed to support the Fashola.”

Preparations for the land are underway, new investors are being integrated, and both areas will soon start functioning.

“These will form investment-ready groups that will boost employment and exports,” Makinde revealed.

The head of the Oyo State Agribusiness Development Agency, Dr. Debo Akande, who referred to the state as “the agribusiness industrial hub of Nigeria,” highlighted,

“We are sending out wealth and bringing in poverty,” he stated, highlighting Nigeria’s ongoing export of raw materials without enhancing their value.

He highlighted the NBS data revealing N1.3 trillion in agricultural exports during Q2 2025, primarily raw goods, in comparison to Brazil’s US$125 billion in exports, with 72 percent consisting of processed food.

The Belgian Ambassador, Peter Lindner, in a video message of goodwill, praised the Oyo State Government for following global best practices, while also reiterating Belgium’s backing for agricultural business collaboration in Nigeria.

Provided by SyndiGate Media Inc.Syndigate.info).