Vice President Kashim Shettima has said Nigeria possesses all the resources needed to become one of the world's most prosperous nations, stressing that poverty should not define a country so richly endowed with fertile land, waterways and natural resources.
Shettima made the remark while delivering the keynote address at the Niger Delta Agricultural Development and Investment Summit held at the Presidential Villa in Abuja. The summit brought together government officials, investors, development partners and private sector stakeholders to discuss strategies for unlocking agricultural investments across the Niger Delta region.
According to the Vice President, Nigeria's future prosperity depends on how effectively it harnesses its comparative advantages in agriculture and the blue economy rather than relying heavily on crude oil revenues. He argued that the country has the capacity to become one of the richest nations in the world if it fully develops its agricultural potential.
"In this great nation of ours, we have no business being poor. We have the potential to be one of the richest countries in the world," Shettima said while addressing participants at the summit.
Drawing comparisons with Indonesia, the Vice President noted that the Southeast Asian country generated about $45 billion from crude palm oil exports in 2025—an amount that exceeded Nigeria's earnings from crude oil during the same period. He said the comparison demonstrates the enormous untapped opportunities available to Nigeria, particularly in oil palm cultivation and agro-processing.
Shettima explained that the Niger Delta possesses ideal climatic conditions, vast arable land and abundant water resources capable of supporting large-scale agricultural production. He urged governments, investors and development partners to work together in transforming the region into a major hub for food production, agro-industrial processing and export-oriented agriculture.
As part of the summit, the Vice President launched the Niger Delta Agricultural Development and Investment Fund, a $500 million initiative designed to attract private investment into agriculture, improve food production, create jobs and strengthen food security across the region. The fund is expected to support investments in areas such as oil palm, aquaculture, cassava production, rice cultivation and marine resources.
Shettima stressed that before crude oil became Nigeria's economic mainstay, agriculture was the backbone of the nation's economy and provided employment, foreign exchange and industrial raw materials. He therefore called for renewed commitment to modern, mechanised and technology-driven farming as a pathway to sustainable economic growth.
The Vice President also urged state governments, development agencies and private investors to take advantage of the opportunities presented by the new agricultural initiative. According to him, increased investment in agriculture will not only improve food security but also reduce unemployment, stimulate rural development and diversify Nigeria's economy away from dependence on oil revenues.
Stakeholders at the summit echoed the Vice President's position, describing agriculture as one of the fastest routes to inclusive economic growth and poverty reduction. They called for stronger partnerships between government and the private sector to modernise farming, improve access to finance and expand value chains capable of creating wealth across the country.
The Federal Government says the new investment initiative forms part of President Bola Tinubu's broader Renewed Hope Agenda aimed at boosting agricultural productivity, enhancing food security and positioning Nigeria as a leading agricultural economy in Africa.