President Muhammadu Buhari yesterday said only agriculture can restore Nigeria’s economy, noting that his administration will keep an eye on food inflation next year.

Speaking at the fifth regular meeting of the Presidential Economic Advisory Council held virtually at the presidential villa, the president ordered the Central Bank of Nigeria (CBN) to stop giving money for food importation.

“The CBN must not give money to import food. Already about seven states are producing all the rice we need. We must eat what we produce,” a statement by presidential spokesman, Garba Shehu, quoted Buhari as saying.

Taking stock of the strides made in agricultural production following the programming of diversification from over reliance on oil instituted by his administration, President Buhari wondered where the country would have found itself in view of the devastating economic crisis brought about by COVID-19 if the country had not embraced agriculture.

“Going back to the land is the way out. We depend on petrol at the expense of agriculture. Now the oil industry is in turmoil. We are being squeezed to produce at 1.5 million barrels a day as against a capacity to produce 2.3 million. At the same time, the technical cost of our production per barrel is high, compared to the Middle East production,” he said.


Stressing the place of agriculture in the efforts to restore the economy, the president however agreed that measures must be put in place to curtail inflation in the country:

“We will continue to encourage our people to go back to the land. Our elite are indoctrinated in the idea that we are rich in oil, leaving the land for the city for oil riches. We are back to the land now. We must not lose the opportunity to make life easier for our people. Imagine what would have happened if we didn’t encourage agriculture and closed the borders. We would have been in trouble.”

The meeting, which bordered on a review of, and reflections on the global and domestic economy in the outgoing year, was attended by Vice President Yemi Osinbajo, as well as Ministers of Finance and Humanitarian Affairs and agreed on a number of measures.

In specific terms, the meeting noted the sharp deterioration in the international economic environment and its impact on Nigeria’s continuing but fragile economic recovery.

The meeting noted that Nigeria’s economic growth continues to be constrained by obvious challenges including infrastructural deficiencies and limited resources for government financing.

It emphasised the need to make the private sector of the economy the primary source of investment, rather than government.

The meeting reviewed progress towards structural reforms in response to the economic crises, including the institution of the Economic Sustainability Plan, the changes in electricity tariff and fuel pricing regime, the partial re-opening of the Land Borders, the movement towards unification of exchange rates and budgetary reforms through Finance Bill 2020 and 2021.

It agreed that, to prepare the country for the challenges ahead, it is imperative to ensure Macro-economic stability, create certainty and re-build investor confidence in the economy. It emphasized the need to deepen structural reforms initiated by the administration as a basis for stimulating investments from domestic and international sources with a view to raising productivity in key sectors of the economy.
https://leadership.ng/only-agriculture-can-restore-nigerian-economy-pmb/?amp=1

Geez, agriculture and not even mechanized farming in 2020 about to become 2021? In an age of crytocurrency, artificial intelligence, IoT, Big Data and others and the president of Nigeria is talking about agriculture which his government does not even fund?

Can't wait for 2023 for this guy to go back to his cattle ranch.

Such a waste of Nigeria's money to put an expired brain as the driver of the presidency. Small wonder, two recessions happened within 5 years under his watch.

When the man dey talk all dis things sef

Mr. P . That sector need to be paraded an emergency because before we started dealing with oil, this was a key sector Government got her proceeds that generated massive revenue not forgetting the direct impact it had with the citizens, oil came and our problem started. But it's not too late, our agricultural and steel need to be revamp. For a greater good.

The agricultural mass scheme of the NESP and other intervention as relate to agriculture are wonderful, but more need to be done. Agric alone can generate millions of jobs directly and indirectly.
Covert small hold farming to mechanised farming and reshape the agricultural system of this country. Let's realised this global basket of the world.
Meanwhile, Nigerians are enjoying the Ibadan, Lagos and Abeokuta train. Thanks to Buhari Osinbajo administration.
May Osinbajo succeed Buahri come 2023.

With the rampaging Fulani herdsmen all over?

I will not be shady! His administration may have fail woefully in ( Fulani palava) other aspect but in agriculture he has good intentions. His administration support farmer if you belong to meaningful association and shookk mouth. In 2015 and 2018 I benefit from anchor programs, last year one of my OGA hijack 200 hectares from 5000 hectares given to Ondo State though he was able to do 60 hectares before dry season come.i also support his policy of banning importation of maize,rice e.tc may sound selfish (abeg nah farmer I be )