The President of the Trade Union Congress (TUC), Festus Osifo, has spotlighted Nigeria’s untapped agricultural potential as a key driver for economic transformation, urging a bold move toward self-sufficiency and export-led growth.

In a recent interview on a national broadcast, Osifo underscored the critical need to address the country’s dependence on food imports and the volatility of the exchange rate, both of which he identified as major contributors to the rising cost of living.

“Nigeria can generate over $100 billion annually from agriculture within the next five years if we embrace large-scale production and implement robust strategic planning,” Osifo stated. He called for the development of a comprehensive 10-year agricultural blueprint to unlock the sector’s potential and end reliance on imported food items, leveraging Nigeria’s vast arable land and favorable climate.

Drawing inspiration from nations like Rwanda and Kenya, Osifo advocated for reforms aimed at eliminating inefficiencies and prioritizing policies that promote agricultural exports. To support this shift, he proposed redirecting loans to the agricultural sector and cutting taxes on imported farming equipment to facilitate growth.

He also linked the surging prices of petroleum products to fluctuations in the exchange rate, emphasizing that most oil and gas transactions are conducted in dollars. “If the exchange rate had been stabilized last year, it could have significantly mitigated the current hikes in fuel prices,” he explained.

Osifo further criticized the government’s short-term approach to exchange rate management, which, while boosting state allocations, has imposed a heavy burden on ordinary citizens due to inflation and escalating living costs.

Turning his attention to manufacturing, Osifo stressed the importance of removing systemic barriers such as excessive taxation, high customs duties, and exchange rate instability. “For investors to thrive, the government must foster an environment that supports existing businesses and encourages new investments,” he added, highlighting the need to revive industrial zones and strengthen intergovernmental collaboration.

The TUC president revealed that the union had earlier submitted a 15-point agenda to the government, addressing the nation’s economic challenges with a strong focus on exchange rate stabilization. He assured Nigerians of ongoing efforts by labor unions to advocate for sustainable reforms and hold policymakers accountable.

With agriculture as a cornerstone, Osifo’s vision paints a future where Nigeria harnesses its natural resources to create jobs, generate foreign income, and foster long-term economic stability.