Vice President Kashim Shettima has declared that Nigeria has no justification for poverty, emphasizing the country’s vast untapped agricultural and natural resources as keys to unlocking immense national wealth.
Speaking on Wednesday at the Agric, Development and Investment Summit in Abuja, Shettima highlighted the stark contrast between Nigeria’s economic output and other resource-rich nations, urging a strategic shift toward sustainable agribusiness and marine exploration.
The Palm Oil Lesson: Indonesia vs. Nigeria
To illustrate his point, the Vice President pointed to Indonesia’s success in leveraging agricultural commodities. He noted that Indonesia’s projected revenue from palm oil exports dramatically outpaces Nigeria’s crude oil earnings.
According to Shettima, Indonesia is on track to earn $25 billion from 53 million tons of crude palm oil in 2025, exporting 32 million tons. He emphasized that just half of Indonesia’s palm oil revenue exceeds Nigeria’s total income from crude oil exports, demonstrating the power of diversifying away from fossil fuels.
Unlocking the Blue Economy of the Niger Delta
Beyond crop cultivation, Shettima spotlighted the neglected marine potential of the Niger Delta. As the third-largest delta in the world, the region possesses ideal conditions for advanced mariculture.
He identified several high-value opportunities for local development, including:
- Commercial fish farming targeting premium species like salmon and tuna
- Lobster harvesting and processing
- Large-scale aquaculture systems to supply both domestic and international markets
A Land Where Money Can Grow
Concluding his keynote address, Shettima urged stakeholders and investors to recognize Nigeria’s unique fertile landscape, describing certain regions of the nation as places where wealth can be cultivated directly from the soil.
“In this great nation of ours, we have no business being poor,” Shettima stated. “We have the potential to be one of the richest countries in the world. There are certain parts of this country where money can grow—you can plant money and harvest tremendous money resources.”