4 Reasons Why Agriculture Is An Untapped Goldmine Youths Must Explore

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Reasons why agriculture youths

Agriculture, in spite of its great strides over the years and its contribution to the Nigerian economy, remains one of the least attractive sectors to the Nigerian youths. A study on youths carried amongst youths in Southwestern universities in Nigeria showed that only about 21.5% of the respondents were willing to participate in agriculture; while 68.5% of the respondents were not willing to attend seminars that would encourage youths to participate in agriculture. Over half of the respondents attributed their unwillingness to participate in agriculture to “making one dirty”.

Although this may have been true in the past, the recent introduction of technology solutions to the agricultural sector has seen the participation of youths in agriculture increase. This can be attributed to improved access to funding opportunities, farm inputs, technological innovations and digital solutions in the agricultural sector.

Experts have stated that youths are going to find agriculture attractive with the introduction of technology. In turn, the use of technology will drive youths’ inclusion in the agricultural sector.

Here are the major reasons why youths need to join agriculture:

It is a $5 Trillion Industry

The food and agriculture industry is a $5 trillion industry and it is ranked the 7th biggest industry in the world in 2021, according to Yahoo Finance. It is expected that the worth of the food and agriculture will increase, by 2050 it is projected to feed about 9.7 billion people. In order to meet that demand a 70% increase in agricultural production is required.

In 2030, Africa’s Agribusiness industry is projected to be worth $1 trillion.

Opportunity for Local Production

The Nigerian food and agriculture market is heavily dependent on imports to meet the demand for food consumption in the country. In a recent report released by the National Bureau of Statistics (NBS), Nigeria spent about N1.3tr on agriculture between January to June 2021, while exports within that period was at N292.5bn. This resulted in a trade deficit of N1.07tn in the agricultural sector.

Mechanization and digital solutions have been highlighted as key factors that will boost agricultural productivity for smallholder farmers in Nigeria. There have also been calls by experts for more youths to drive agriculture in the country using technology.

By exploring agricultural technology youths can improve and increase the local production of food in Nigeria. Learn about how artificial intelligence in farming is making it more profitable.

Job Creation and Job Opportunities

You may not know this, but agriculture is the largest employer of labour and source of livelihood for most Nigerians. Agriculture provides employment for about 36% of Nigeria’s labour force and over 70% of Nigeria’s population are engaged in agriculture at a subsistence level.

According to the National Bureau of Statistics, Nigeria’s agricultural industry has a huge potential to reduce the employment deficit which currently stands at 42.5% unemployment rate.

The Managing Director of Babban Gona, Kola Masha, a leading Agricultural Entrepreneur in Nigeria, believes that youth unemployment in Nigeria can be reduced through agriculture.

Check out this blog post on  careers in agriculture youths can explore. If you are interested in the agritech side of things, you can check out the top in-demand agritech jobs to get additional insights.

Contribution to The Economy

If your guess is as good as mine or you have been following the flow of this article, you should know by now that the agricultural sector is Nigeria’s biggest biggest contributor to the country’s National GDP.

The agricultural sector remains the largest contributor to the country’s national GDP over the past nine years (2013-2021). In the National Bureau of Statistics Nigerian Gross Domestic Product Report (Q2 2021), agriculture contribution to the GDP was 23.78%, while the trade sector had a contribution of 16.66%, telecommunications and information services – 14.42%, oil sector – 7.42% and real estate 5.28%.

The President of African Development Bank (ADB), Akinwumi Adesina has stated in the past that if properly nurtured, the agricultural sector would produce the next generation billionaires in Nigeria and the rest of Africa.

The agricultural industry is a goldmine waiting to be explored by the youths who can see the opportunities it holds.

1 thought on “4 Reasons Why Agriculture Is An Untapped Goldmine Youths Must Explore”

  1. Nnamdi

    lovely information
    I appreciate the efforts
    please I need more resources on maize farming my goal is 11tons/hectare with irrigation / fertigation farming
    Thanks once again

    Reply

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Frank Altman

Non-Executive Director

Pioneer of secondary markets for community development and $3.5B+ in managed funding.

Frank Altman is the founder and first CEO of the Community Reinvestment Fund (CRF), USA, where he pioneered secondary markets for economic development loans. Under his leadership, CRF funded over $3.5 billion in loans across 50 U.S. states. He was instrumental in designing the federal New Markets Tax Credit and is an advisor to the Federal Reserve Bank of San Francisco.

Altman is an Ashoka Senior Fellow and the author of A New Capitalism: Creating A Just Economy That Works For All. He brings global expertise in risk management and capital structures to Babban Gona.

Michael Jainzik

Independent Non-Executive Director

Michael Jainzik works as an independent consultant and brings his extensive expertise in the areas of agricultural finance, international investments, risk management and corporate governance. He is currently based in Rome, Italy.
 
From 2001 to 2011, Michael worked as an investment professional at KfW Development Bank, focusing on international debt financing and equity investments in investment funds and banking institutions, mainly in the areas of agricultural finance and microfinance. From 2011 to 2015 he worked as Director of KfW’s office in Windhoek. In this role, he helped manage and develop KfW’s EUR 250 million portfolio in Namibia. From 2015 to 2017, he took on the position of Head of Corporate Development at Access Microfinance Holding, where he was responsible for structuring and leading a merger process between Access Holding and another company.
 
Prior to joining Babban Gona, Michael served as a non-executive director in Access Bank Azerbaijan (2006-2011, Chairman), Belarusian Bank for Small Business (2008-2011), Rural Impulse Fund II Luxemburg (2010-2011) and AB Bank Zambia (2011-2016).
 
Michael studied economics and management at the Universities of Lüneburg and Witten/Herdecke (Germany) and at ETEA – Universidad Loyola in Córdoba (Spain) and holds a Master’s degree in economics and management.

Alhaji Bello Maccido

Board Chairman

Over 32 years of executive leadership in corporate and investment banking.

Alhaji Bello Maccido is a distinguished leader in the Nigerian financial services sector. He currently serves as the Chairman of FBN Merchant Bank Ltd. and has previously held board positions at FBN Holdings Plc, First Bank of Nigeria Plc, and Legacy Pension Manager Limited.

He holds the traditional title of “Wakilin Sokoto” and is a Fellow of both the Chartered Institute of Stockbrokers and the Chartered Institute of Bankers of Nigeria.

Alhaji Maccido’s educational background includes an LL.B from Ahmadu Bello University and an MBA from Wayne State University. He is a Barrister at Law (BL) of the Supreme Court of Nigeria and an alumnus of executive programs at Harvard Business School and IMD Lausanne.

Muhammad Sanusi, CON

Chairman of the Board

His Highness Muhammad Sanusi was appointed the 10th Governor and Chairman of the Board, Central Bank of Nigeria on 3 June 2009. He earned Bachelor’s and Master’s degrees in Economics from the Ahmadu Bello University, Zaria, and also has a first-class degree in Sharia and Islamic Studies from the African International University, Khartoum, Sudan.
 
From working as a lecturer at the Ahmadu Bello University, where he taught Economics, he joined the banking industry in 1985, and by January 2009 had risen to General Manager and Group Managing Director of First Bank of Nigeria PLC, Nigeria’s oldest and biggest bank. Mallam Sanusi has been conferred with a National Award of Commander of the Order of the Niger (CON) by the President of the Federal Republic of Nigeria and has also been awarded the “Global Central Bank Governor for 2010” by The Banker Magazine, a publication of the Financial Times.
 
He was also voted Central Bank Governor of the Year for Sub-Saharan Africa 2009 (an award he won again in 2010) by Emerging Markets, a publication of Euromoney Institutional Investors. In 2011, Mr. Sanusi was named Forbes Africa Person of the Year for 2011. He was also listed by TIME Magazine as one of the 100 most influential people in the world. Kola Masha (Managing Director) Prior to Babban Gona, Kola was a Managing Director and CEO of a major subsidiary in the Notore.

Lola Masha

Non-Executive Director

Dr. Lola Masha is a seasoned technology leader with over 15 years of experience at the intersection of mobility, technology, and agriculture. She currently serves as a Partner at Antler, a global early-stage venture capital firm. Previously, she was the Regional General Manager for North, East, and West Africa at Bolt, overseeing strategic operations in a high-growth mobility sector.

Her career includes leadership roles as Director of Trust and Safety at OLX Group (overseeing 30+ markets) and Country Manager for OLX Nigeria. She was also one of the earliest employees at Google Sub-Saharan Africa. Dr. Masha holds a PhD in Chemical Engineering from the University of California, Berkeley, and a B.Sc. from the University of Virginia.

Kola Masha

Managing Director

First leader of a for-profit social enterprise to win the Skoll Award for Social Entrepreneurship.

Prior to co-founding Babban Gona, Kola was CEO of a subsidiary in the Notore Group, where he led a commercial strategy to sell one million tons of fertilizer and raised $130 million in equity.

He has held leadership roles at GE and Abiomed and served as a Senior Advisor to the Nigerian Minister of Agriculture.

Under his leadership, Babban Gona became the first for-profit social enterprise to win the prestigious Skoll Award for Social Entrepreneurship, recognizing the organization’s innovative approach to transforming smallholder farming in Nigeria.

He holds an MBA with Honors from Harvard and a Master’s in Mechanical Engineering from MIT.

Kola Masha

 

Prior to Babban Gona, Kola was a Managing Director and CEO of a major subsidiary in the Notore Group, one of Nigeria’s leading agricultural conglomerates, where he raised US$24 Million to develop an integrated agricultural trading, production and processing business.

Furthermore, he led the development and execution of Notore’s commercial strategy across West and Central Africa, preparing the company to sell one million tons of fertilizer and establish a modern seed business.

He led the effort to raise $130 million in equity and the restructuring of $360 Million in debt. Kola brings significant leadership experience in venture capital, corporate finance, business development, marketing and operations, across four continents with multiple global companies, including GE, Notore and Abiomed. In addition, Kola brings extensive public sector experience as Senior Advisor to the Nigerian Minister of Agriculture.

In recognition for his leadership in driving positive change on the African Continent, he has received several global awards including the prestigious Eisenhower Fellowship, a leading leadership institute led by General Collin Powell and appointed to the Board of the African Enterprise Challenge Fund, a $250 Million fund that awards grants and repayable grants to private sector companies to support innovative business ideas in agriculture, agribusiness, renewable energy, adaptation to climate change and access to information and financial services. Kola holds an MBA (Honors) from Harvard and a Masters in Mechanical Engineering from the Massachusetts Institute of Technology.