Last Updated on April 30, 2026 by AgriAxis.ng
By Adegoke Oluwatobiloba Victor
During a summit in Lagos, Mr. Festus Osifo, the President of the Trade Union Congress (TUC), stated that Nigeria must stop relying on crude oil and instead embrace agriculture to achieve real economic growth. He said that while Nigeria’s budget may seem big in Naira, its value in U.S. dollars is very small, which shows the country is “very poor.”
He explained that a country’s budget is often compared using the U.S. dollar. “If we value our budget in terms of the U.S. dollar over the last 10 years, we are going to realise that it is somewhere about $13-35 billion.” He noted that this small amount is a huge problem when considering that rebuilding all of Nigeria’s federal roads would cost about $120 billion.
He also highlighted that “A tiny piece of a university like Harvard, for example, has an endowment fund of about $50 billion; Stanford, over $35 billion, more than our budget as a country.”
Mr. Osifo criticized the leadership for not using the country’s resources. He said, “So, we live in a country where we have vast potential resources, where we have resources, but they are not being harnessed.”
He stressed that Nigeria’s vast farmlands are being wasted, pointing out that “The Netherlands makes twice Nigeria’s crude earnings from agriculture on far less land. Why can’t we?”
On behalf of the Lagos State Governor, Mr. Afolabi Ayantayo, a commissioner, also spoke at the event. He said that Lagos is proud to work with all labor unions to improve workers’ welfare and that real change requires a partnership among everyone in society.
He stated, “Real regional transformation happens through partnership, not just between the government and labour, but across all sectors of society.”
Mr. Osifo’s speech is a powerful call for change. By using simple comparisons, he helps to explain Nigeria’s economic challenges and the urgency of the situation. His argument for a shift to agriculture is a popular one, and the example of the Netherlands proves that farming can be a major source of wealth.
The focus on leadership, particularly at the local level, highlights a key issue in Nigeria’s governance. Even with great potential and resources, the country can’t move forward without strong leaders who are committed to making a difference on the ground.
The comments from the Lagos commissioner show that at least one state government is committed to working with different groups to address these problems.
