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Nigeria Is Dying Slowly, World Bank Alerts
The World Bank, yesterday, dropped a bombshell that Nigeria was dying slowly and tragically living on borrowed time due to the perennial neglect of the agricultural sector and relying heavily on crude oil that belongs to yesterday.
This is as the Vice President, Prof Yemi Osinbajo, assured that the Buhari administration would ensure an export based economy, especially as it recognises the importance of the agriculture sector to food security, job creation and poverty reduction.
He said the sector remains one of the priority areas of the government that has attracted various intervention programmes under the Agricultural Promotion Policy.
The Senior Agriculture Economist, World Bank, Dr Adetunji Oredipe, who made the disclosure in Abuja while delivering a keynote address at the agriculture summit Africa sponsored by Sterling Bank Plc, said economic diversification into agricultural should be in practice not theory as the economy has become increasingly dependent which has proven to be both a “disaster and calamity.”
According to him, if Nigeria had held to its market share in palm oil, cocoa, groundnut and cotton, the country would be earning at least $10billion annually from these three commodities.
The event was attended by the Vice President, Prof Yemi Osinbajo, who was represented by the Minister of State for Agriculture and Rural Development, Mustapha Shehuri; Minister of Women Affairs, Mrs Paulen Talen; Governor of Kebbi State, Atiku Bagudu; Chairman of Sterling Bank Plc, Asue Ighodalo; and the Managing Director of Sterling Bank Plc, Abubakar Suleiman.
Analyzing a gloomy picture of the country’s agricultural sector, the World Bank Agric Economist said that Nigeria is now one of the largest food importers in the world.
He said: “In 2016 alone, Nigeria spent $965million on the importation of wheat, $39.7million to import rice and $100.2million on sugar importation.
He added that the decision to spend $655million on fish importation seems financially irresponsible given all the marine resources, rivers, lakes, and creeks in Nigeria.
He noted: “None of the above transactions (Importation of rice, fish, sugar) is fiscally, economically, or politically sustainable. Nigeria is tragically is living on borrowed time, a typical case of robbing Paul to pay Peter.
“For instance, each time we spend money to import rice, Nigerian local rice farmers are negatively affected in terms of morale, sales, and realizable income.
He lamented that despite the huge agricultural potential, Nigeria which used to be the major player in agriculture in the world has lost its place in the global community.
He said, “In the 1960s we had glory. That glory was visible and significant for the global community to recognize and applaud. Nigeria accounted for 42 per cent of the world’s exports of shelled groundnuts. Our total export volume was 502, 000 MT.
“This declined to 356 MT by 2016. Nigeria lost her leadership position and was overtaken by USA, China, and Argentina. Nigeria was also the largest exporter of palm oil in the world and accounted for 27 per cent of the global export volume for palm oil.
“Total export volume for palm oil by Nigeria was 167,000 MT in 1961. This declined to 8,000 MT by 2016as the global export volume rose from 629,000 MT in 1961 to over 42.1 million MT in 2016.
“Malaysia and Indonesia took over using the oil palm seedlings obtained from Nigeria. In 2018, Malaysia earns $8.7billion, 28.6 per cent of total palm oil exports from export of palm oil alone.
“Indonesia alone recorded US$16.5billion, 54.5 per cent of total palm oil exports. Unfortunately, Nigeria is not listed among the first 15 as at this moment.”
He said the huge taste of Nigerians for imported food items had also contributed to high levels of unemployment for youths.
“Food producing factories in Western world, Far East Asia and other countries employ millions of young people to produce and export food. This is a source of livelihood and it helps the workers to live well and go to school.
President Bola Tinubu has expressed confidence that the country would win the fight against insecurity.
The President gave the assurance at the Argungu International Fishing Festival in Argungu town, Kebbi State, on Saturday.
He noted that the relative peace currently being enjoyed in Kebbi and neighbouring states was the result of sustained investments in security intelligence, coordination among security agencies, and community engagement.
Tinubu assured farmers and fishermen of sustained federal support to guarantee food security and safety across the country.
“The peace we are witnessing today is not accidental. It is the outcome of deliberate and sustained efforts. I assure you that the fight against banditry, insurgency, and insecurity will be won.
“Our farmers, fishermen, traders, and families will go about their lawful activities without fear,” he assured.
The President commended the organisers of the festival for sustaining the cultural event for decades, noting that it had endured for 83 years despite social and security challenges.
Describing the Argungu festival as a powerful symbol of unity, resilience, and peaceful coexistence, Tinubu stated that it reflects the richness of the country’s culture and the opportunities to harness its natural and human resources for national growth.
He said, “Today, this festival stands as a powerful symbol of unity, resilience, and peaceful coexistence among our people.
“It reflects the richness of our culture, the strength of our traditions, and the opportunities inherent in harnessing our natural and human resources for national development.”
The President was received by a large crowd of residents, traditional rulers, fishermen, tourists, and government officials from across the country.
The President reaffirmed his administration’s commitment to youth and women empowerment, irrigation development, rural electrification, and agricultural productivity.
Earlier, the Kebbi State Governor, Nasir Idris, said his administration was determined to elevate the Argungu Fishing Festival to full international standards while pursuing aggressive development across critical sectors of the state.
The United States Embassy in Abuja and the Consulate General in Lagos will be closed today, in observance of Presidents’ Day.
The mission made this known in a notice shared on its official X page, yesterday.
“The U.S. Embassy in Abuja and the Consulate General in Lagos will be closed on Monday, February 16, 2026, in observance of Presidents’ Day,” the post read.
According to the embassy, Presidents’ Day was originally established to honour the birthday of the former US President, George Washington, but has evolved into a day to celebrate all U.S. presidents and their leadership in shaping the country’s history.
The embassy noted that the holiday also recognises the influence of U.S. presidents on global affairs.
In a related message, the mission highlighted that Washington created the first “Badge of Military Merit,” which later became the Purple Heart. The medal still bears Washington’s image today.
Presidents’ Day is observed on the third Monday of February annually in the United States as a federal holiday.
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Guterres Backs Nigeria’s Bid For UN Security Council Seat …Hails Tinubu’s Reforms, Regional Security Role
United Nations Secretary-General, António Guterres, has charged Nigeria with spearheading Africa’s quest for a restructured global order, describing the country as uniquely positioned to lead the continent toward superpower status.
Guterres, who backed Nigeria’s bid for the world body’s security council seat, also praised the economic reforms of the President Bola Tinubu-led administration as well as Nigeria’s leadership in stabilising the Sahel and ECOWAS regions, despite facing its own security challenges.
The UN scribe made the remarks last Friday night during a high-level bilateral meeting with Vice President Kashim Shettima on the sidelines of the 39th African Union (AU) Summit in Addis Ababa, Ethiopia.
Speaking during the meeting, Guterres said Nigeria’s large population, sustained democratic governance, vast natural and human resources, and longstanding commitment to multilateralism placed it in a unique position to lead Africa in the evolving global order.
“Given Nigeria’s demographic strength, democratic continuity and deep resource base, the country stands a real chance of leading Africa to becoming the next superpower in the evolving global architecture,” he said.
The UN Secretary-General and the vice president discussed key developments in Nigeria and the country’s expanding leadership role in promoting regional stability across West Africa and the Sahel.
Guterres commended the remarkable and outstanding reforms of the administration of President Tinubu, noting that Nigeria’s bold economic restructuring and security commitments have strengthened its continental standing.
The meeting focused on strengthening Nigeria–UN collaboration to advance global economic growth, peace and security, sustainable development, and a coordinated humanitarian response across Africa.
In his remarks, Shettima thanked the UN Secretary-General for his leadership in advancing global peace, noting that Africa has benefited immensely from his tenure, even as the United Nations undergoes internal restructuring.
“We remain committed to multilateralism and to deepening our partnerships with the United Nations and other global institutions,” the vice president said.
Shettima also reiterated Nigeria’s longstanding call for comprehensive reform of the United Nations system to reflect evolving global realities.
He emphasised that Africa must have stronger representation in global decision-making structures and declared that Nigeria deserves a permanent seat on the United Nations Security Council.
Both leaders pledged to deepen cooperation, with Guterres reaffirming the UN’s support for Nigeria’s reform agenda and its growing leadership role in advancing peace, security, and development across Africa.