The Principal Country Officer of the International Finance Corporation (IFC) in Nigeria, Mr. Christian Mulamula, has said that the country’s vast agricultural resources present a unique opportunity for industrialisation through agricultural processing and enhanced food security.
Mulamula made this known on Tuesday in Lagos at the Lagos Chamber of Commerce and Industry (LCCI) International Business Conference and Expo 2025.
He explained that agricultural industrialisation opportunities exist in the development of food processing industries, including palm oil production and cocoa processing. He further noted that significant potential also lies in the expansion of food crops such as cassava, soybeans, and others for both domestic consumption and export.
“We deem this an opportunity to create over 300,000 jobs,” he said.
The IFC representative disclosed that a recently concluded private sector diagnostic identified four key sectors where public policy actions could attract substantial private investment, create jobs, and improve livelihoods. These sectors, according to him, are Information and Communication Technology (ICT) infrastructure, agriculture and agro-processing, renewable energy, and pharmaceutical manufacturing.
“Expanding the national backbone fibre network will open up new investment opportunities in digital services for businesses, schools, hospitals, and government agencies.
“At IFC, we look forward to continuing our support for private sector investment opportunities in these and other sectors in Nigeria. Ultimately, the goal is to create jobs, improve lives, and help businesses compete and grow sustainably,” he said.
Also speaking, Dr. Christian Ebeke, the International Monetary Fund (IMF) Resident Representative in Nigeria, said recent gains—including slowing inflation, a more stable foreign exchange market, and stronger external buffers—were encouraging for businesses.
He, however, cautioned that foreign direct investment inflows remained too low, domestic credit was both inadequate and poorly allocated, while poverty and weak human capital still persisted.
Ebeke identified priority areas needed to sustainably turn the economy around to include addressing insecurity, implementing a “Marshall Plan” for the power sector, boosting agricultural productivity, and improving business regulation and governance.
