Nigeria Approves Textile Board, $90 Billion Agribusiness Plan to Boost Economy

 Nigeria’s Federal Executive Council (FEC), chaired by President Bola Tinubu, approved the establishment of a Textile and Apparel Development Board and a $90 billion Agribusiness and Livestock Development Plan on April 23, 2025, to revitalize key economic sectors, according to Vanguard Nigeria and Punch Nigeria. The initiatives aim to create jobs, enhance export revenues, and reduce reliance on oil, which accounts for 80% of Nigeria’s foreign exchange earnings, amid a 34% inflation rate and naira depreciation to N1,600 per dollar.

The Textile and Apparel Development Board, to be headquartered in Lagos, will oversee the revival of Nigeria’s textile industry, once a major employer with over 200 factories in the 1980s but now reduced to fewer than 20 due to smuggling and power shortages, per the Manufacturers Association of Nigeria. 

The board will provide incentives like tax breaks, low-interest loans, and anti-smuggling measures to boost cotton production and garment manufacturing, targeting 500,000 jobs by 2030. Minister of Industry, Trade, and Investment Doris Uzoka-Anite said the board will collaborate with the Nigeria Customs Service to curb illegal textile imports, which cost the economy $4 billion annually.

The $90 billion Agribusiness and Livestock Development Plan, spanning 2025-2035, seeks to transform agriculture, which employs 70% of Nigeria’s workforce but contributes only 24% to GDP, per the National Bureau of Statistics. The plan includes $50 billion for crop value chains like rice, maize, and cassava, $30 billion for livestock and dairy, and $10 billion for irrigation and mechanization.

 It aims to attract private investment through public-private partnerships, with the African Development Bank committing $2 billion in seed funding, per FEC briefings. The plan targets a 50% increase in agricultural exports, from $4 billion in 2024 to $6 billion by 2028, and will establish 10 agro-industrial zones in states like Oyo, Kano, and Benue.

The FEC also approved a $500 million loan from the Islamic Development Bank to finance initial projects, including 50,000 hectares of new farmland and 1,000 modern abattoirs. Minister of Agriculture Abubakar Kyari emphasized youth and women’s inclusion, with 40% of funds earmarked for smallholder farmers.

 However, analysts warn that insecurity in northern states, where 60% of farmland lies, and poor rural infrastructure could hinder implementation. The government plans to deploy 5,000 agro-rangers to secure farming communities, building on a pilot program in Zamfara. These measures signal Nigeria’s push for economic diversification, but success hinges on execution and investor confidence.