Lagos, Nigeria – The President of the Trade Union Congress (TUC), Comrade Festus Osifo, has disclosed that Nigeria’s untapped agricultural potential deprives the nation of an annual revenue of $100 billion.
Osifo attributed the shortfall to the country’s over-reliance on food imports, which he described as a significant factor hindering the growth and development of the agricultural sector.
Speaking on Channels Television’s Politics Today, the labour leader emphasised the need for a robust agricultural development plan.
“When there is synergy… we must sit down first to have an agricultural development plan for the next ten years. If we determine how to go into large-scale production in Nigeria, we could generate over $100bn per annum in the next three, four, five years,” he said.
Policy Recommendations for Agricultural Growth
Osifo proposed several measures to spur growth in the sector, including directing loans toward agricultural development and reducing taxation on imported farming equipment. He also stressed that Nigeria should aim to eliminate its dependence on imported agricultural commodities.
“We have no business importing any commodity from abroad,” he asserted, highlighting the economic potential of self-sufficiency in agriculture.
Exchange Rate Volatility and Petroleum Costs
The TUC President, who also serves as President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), cited exchange rate volatility as a critical factor driving high petroleum prices. He explained that the cost of Premium Motor Spirit (PMS) is heavily influenced by fluctuations in the naira’s value, as most oil and gas transactions are conducted in dollars.
“The exchange rate directly impacts the cost of PMS. If the government had managed the exchange rate effectively last year, keeping it around N1,000 per dollar, the current hikes could have been avoided,” Osifo stated.
Call for Manufacturing Sector Reforms
Beyond agriculture and petroleum, Osifo urged the federal government to prioritise improvements in the manufacturing sector. He noted that investment flourishes in a conducive economic environment, suggesting that targeted reforms could revitalise the sector and strengthen the broader economy.
The TUC President’s remarks underscore the need for coordinated policy interventions across agriculture, energy, and manufacturing to unlock Nigeria’s economic potential.
“We must create an environment where manufacturers thrive. Investors won’t come unless those already on the ground feel supported,” he added.