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Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has stressed the urgent need for a more flexible and resilient agricultural strategy, citing the country’s increasing vulnerability to food insecurity and broader economic instability.
Speaking during the inaugural meeting of the Agricultural Sector Working Group (ASWG) held on Tuesday in Abuja, Edun reiterated the Federal Government’s dedication to sustainable food systems through innovative reforms and multi-sectoral collaboration. His remarks were shared on Wednesday via the official X (formerly Twitter) handle of the Federal Ministry of Finance.
According to the Minister, the country must swiftly recalibrate its agricultural strategy in line with the post-Malabo agenda, Africa’s framework for transforming agriculture, by prioritising three essential areas: enhancing productivity, widening access to affordable finance, and unlocking the potential of value-added agricultural exports. He noted that agriculture remains at the heart of President Bola Tinubu’s broader economic reform programme.
Edun called for a responsive framework that could adapt to both local and international challenges such as climate change, inflationary trends, and disruptions in food supply chains. “We need a nimble agricultural framework capable of responding swiftly to global and domestic shocks,” he said.
*Nigeria Urged to Adopt Nimble Farming Strategy Following Soaring Food Prices
The ASWG, which draws membership from the Ministries of Finance, Agriculture, Industry, and several development partners, is designed to serve as a harmonising body that will align policies, direct investments, and monitor progress towards both national and continental food security targets.
Edun further assured stakeholders of the Finance Ministry’s readiness to support transformative interventions across the agricultural spectrum, from mechanisation and irrigation to agro-processing and the adoption of digital agricultural technologies. He stressed, “The role of the Finance Ministry is not just to provide funds, but to ensure that our investment framework incentivizes innovation, accountability, and measurable impact in agriculture.”
Nigeria’s agricultural sector, despite employing over 70% of the rural population, continues to grapple with chronic underperformance due to structural constraints such as inadequate infrastructure, limited financing options, and low productivity levels. With food prices rising to record highs amid persistent inflation, calls for a more agile, reform-driven approach have become increasingly urgent.
Experts suggest that aligning Nigeria’s domestic policies with the broader goals of the African Continental Free Trade Area (AfCFTA) and the post-Malabo agenda could open up new avenues for trade, regional integration, and economic growth.
In a related effort to improve food security, the Federal Government in December 2024 launched initiatives to subsidise local wheat production. This measure forms part of a broader agricultural productivity agenda under the National Agricultural Growth Scheme and Agro Pocket (NAGS-AP), which seeks to support 280,000 smallholder and selected medium-scale farmers organised into clusters. As of now, 281 of the planned 409 redemption centres for input distribution are operational, having served 68,389 farmers—representing 24.42% of the overall target.