Abuja: Nigeria’s vast agricultural potential is poised to become a powerful engine for job creation and industrial growth.
At the LCCI International Business Conference and Expo 2025, Mr. Christian Mulamula, Principal Country Officer at the International Finance Corporation (IFC), revealed that strategic investment in agro-processing and food production could generate over 300,000 jobs, thereby transforming rural economies and boosting food security.
He asserted on Tuesday in Lagos at the Lagos Chamber of Commerce and Industry (LCCI) International Business Conference and Expo 2025.
According to him, agricultural industrialisation opportunities are present in the development of food processing industries, such as the production of palm oil and cocoa processing.
Mulamula added that opportunities also lie in the expansion of food crops, such as cassava and soybeans, for both domestic consumption and export.
“We deem this an opportunity to create over 300,000 jobs,” he said.
The IFC representative stated that a recently completed private sector diagnostic identified four sectors where public policy actions could attract significant private investment, creating jobs and improving lives.
According to him, these include Information and Communication Technology (ICT) infrastructure, agriculture and agro-processing, renewable energy, and pharmaceutical manufacturing.
“Expanding the national backbone fibre network will open up new investment opportunities in digital for businesses, schools, hospitals and government agencies.
At IFC, we look forward to continuing to support the private sector investment opportunities in this and other sectors in Nigeria.
“Ultimately, the goal is to create jobs, improve lives, and help businesses compete and grow sustainably,” he said.
Dr Christian Ebeke, the International Monetary Fund (IMF) Resident Representative in Nigeria, said recent gains, such as slowing inflation, a more stable foreign exchange market, and more substantial external buffers, were encouraging for businesses.
He, however, cautioned that foreign direct investment inflows remained too low, domestic credit was both inadequate and poorly allocated, while poverty and weak human capital persisted.
Ebeke identified priority areas to turn the economy around sustainably, including insecurity, a “Marshall plan” to fix the power sector, raising agricultural productivity and improving business regulation and governance.