Hard Talk About Nigerian Economy

Hard Talk About Nigerian Economy by Dr. Kenny Odugbemi

The benchmark for business operations to ensure 2024 year end value retention is between (1,500-1,800)/$1;as against projected N800/$1 depending on the diversity of our sectors operating within our economy

With a debt burden of US$ 130 billion being serviced by 95% of government revenues and debt servicing now exceeding both recurring and capital expenditure,

Nigeria’s debt levels are now clearly unsustainable now at N97.7trn inclusive of local and foreign debt

US$10billion form the 2024 budget deficit

Nigeria heading in the default direction of Ghana, Zambia and Ethiopia?

The restructuring of both domestic and external debt must commence alongside the ongoing economic reforms and revenue drive to avoid Paris and…

The federal government in Fy 2024 set a target of 120,000 hectares(4ton per hectares) bringing an audacious target through knowledge application and good extension practices to guarantee Presidential directive of increasing food production to guarantee security at all seasons.

Food security is time bound with value chain development through multi-layered approach as it relates to processes, seed production, post harvest losses

AFDB initiated a support program tagged “National Agricultural growth scheme” for cross boarder collaboration of our stakeholders which includes
*Federal government
*State government
*Local government
*Private investors
*Commodity exchange
*Agric hub processing zone

The Federal Ministry of Agriculture is in line with PBAT aimed at increasing food production initiated “Dry season farm scheme” to produce 6million tones of wheat, presently our current capacity of about 0.5Million metric tones hence we have to import the balance to maintain request on the use of wheat in addition to the following
Cassava, yam, soya-bean, sweet potatoes, Irish potatoes, Rice and Maize production

Presently,15 Northern states have indicated their sincere interest based on land availability
Jigawa state have contributed 50,000hectates with over one thousand well trained extension workers for this food program

It is noteworthy that only states with less farmer herder clash and terrorist action

General Requirements

Genuine farmers will get direct support with their hectarage capacity, most of these will be identified in the Data base of Agriculture of farmland to create access to information and mixed model growth capacity development for all extension agents

Challenges/Solutions

Logistics issues+ this will entail comprehensive repair of all access to farms

Post harvest losses – We need to deploy Solar driven Silos with cooling facilities

Tax reduction – this will be handled by Presidential Tax review audit which awaits legislation to become applicable laws

Scarcity of well trained extension officers – MDA have launched ICT enabled extension platform, tools and ready made “Apps” that are now available across different States

Advantage of post harvest method

Increase value addition of most commodities to reduce wastage to increase food supply

Logistics support services will facilitate construction of access to rural roads covering all Agric regional hubs to provide smooth vehicular activity movement

Special agro-processing zone with headquarters in Abidjan sponsored by AFDB for all West African Countries with their network of farmers

Finance structure

The Ministry of Finance, Inc. will play a major role of Agricultural finance of diverse Commodities in collaboration with three tiers of governments and their network of farmers.

Capacity

We have 80million hectares arable farm as of today we have only cultivated 34million hectares National wide with more than( 70-80)% as Small scale holders

Human Capacity Development

MDA will provide robust training and development to boost the capacity, capability, competence and character of Extension workers which includes, planters, harvesters, insecticide and fertilizer application

Conclusion
The federal government will facilitate the use of 4.0 precision technology driven approaches, including irrigation and fertilizer applications

I will advice Federal government to establish Joint task committee acroy three tiers of government, private led sector and development partnerships.