Tinubu’s foreign engagements attract $5bn investment for Nigeria’s agriculture

President Bola Tinubu’s series of foreign engagements have begun to yield tangible benefits for Nigeria’s agricultural sector, with investments, trade agreements and development partnerships expected to strengthen food security and drive economic growth.

According to findings by Our Reporters, the president’s diplomatic outreach has attracted more than $5 billion in foreign direct investment, with major agreements signed with countries including China, Brazil and the United Arab Emirates (UAE). The deals are aimed at boosting agriculture, technology and infrastructure development across the country.

As part of efforts to improve domestic agricultural production, the Federal Government recently rolled out the Renewed Hope Agricultural Mechanisation Programme, under which about 2,000 tractors and other farming equipment are being distributed to farmers nationwide. The initiative is designed to support smallholder farmers, increase productivity, reduce post-harvest losses and improve incomes in rural communities.

A key outcome of Tinubu’s foreign diplomacy is the Comprehensive Economic Partnership Agreement (CEPA) signed with the UAE, which grants duty-free access to selected Nigerian agricultural products. The agreement is expected to expand export opportunities for commodities such as fish, oil seeds and cotton, while opening up new revenue streams for local farmers and agribusinesses.

In addition, partnerships with Brazil and China are focused on introducing modern farming techniques, strengthening irrigation systems and enhancing overall agricultural productivity. The collaborations are expected to promote technology transfer, capacity building and the adoption of innovative practices to help Nigerian farmers increase yields and remain competitive.

The government estimates that the various initiatives could generate over 100,000 jobs and contribute significantly to economic expansion, with Nigeria’s gross domestic product projected to grow by 3.84 per cent in 2024. Officials say the strategy aligns with plans to diversify the economy through agriculture-led growth.

Meanwhile, Nigeria is also benefiting from the EU-funded Value Chain Development Programme for Agriculture (EU-VACE TARED), a €18.3 million project aimed at promoting climate-smart agriculture. The programme is expected to help smallholder farmers adapt to climate change, improve resilience and adopt environmentally sustainable farming practices.