Nigeria is set to benefit from a $300 million investment from a U.S.-based company for the establishment of a state-of-the-art biofuel refinery in Ogun State, a development aimed at revitalizing the country’s economy through agriculture and renewable energy.
This was disclosed by Mr. Oluwasegun Alabi, the Managing Director and Chief Executive Officer of Davidorlah Farms, during a media interaction with Parliamentary Correspondents in Abuja.
Alabi explained that Ogun State was chosen for the project due to its abundance of agricultural produce, which would serve as feedstock for the biofuel refinery. He stressed that increased private sector participation in agriculture is critical to unlocking Nigeria’s economic potential.
“Nigeria’s pineapples are among the finest globally,” he said, emphasizing the untapped opportunities within the value chain. “With proper investment and infrastructure, agriculture can compete with, and even surpass, oil in generating foreign exchange for the country.”
Alabi revealed that Davidorlah Farms has submitted proposals to both the federal and state Ministries of Agriculture for the establishment of Agricultural Training Centres across all 36 states and the Federal Capital Territory.
The initiative aims to equip young Nigerians with practical skills for sustainable farming and agribusiness.
As part of its commitment, the company has already built a 100-room hostel facility capable of housing over 200 youth workers at its farm site.
Describing agriculture as the backbone of the Nigerian economy, Alabi noted that the sector remains Nigeria’s largest employer of labor and contributes about 24% to the GDP.
However, he raised concern over the nation’s persistent agricultural trade deficit.
“In 2023 alone, agricultural imports exceed exports by over ₦1.037 trillion. This marks the fifth consecutive year of a negative trade balance,” he lamented.
He added, “We continue to import items like wheat, sugar, and food concentrates, products we have the capacity to produce locally.”
Alabi argued that reversing this trend requires strategic investments in infrastructure, value chain development, and consistent government support for farmers. He added that while oil still dominates Nigeria’s foreign earnings, agriculture is fast emerging as a credible alternative.
Highlighting Nigeria’s fourth-place ranking in global cocoa exports, he questioned why the country continues to spend billions annually on food imports. “This contradiction speaks volumes about the structural gaps in our agricultural ecosystem,” he noted.
Davidorlah Farms, he said, is addressing these gaps by adopting export-oriented strategies, especially in pineapple farming and processing. “Our aim is to meet international standards and attract foreign exchange while strengthening the naira,” he explained.
Alabi further stressed the broader importance of agriculture in combating climate change and aligning with global shifts away from fossil fuels. He noted that global institutions such as the World Bank are already withdrawing support for oil-related projects in favor of renewable energy investments.
“Many African countries are embracing the conversion of agricultural waste into biofuel, biogas, and biochar,” he said. “This shows that the future of our prosperity lies not in crude oil, but in our fertile lands.”
Calling for a paradigm shift in how Nigeria approaches agriculture, Alabi said the sector offers unparalleled potential for economic diversification, job creation, food security, and foreign revenue generation.
“At Davidorlah Farms, we are proud to be Nigeria’s leading pineapple producers,” he declared. “We’re committed to transforming Nigeria’s agricultural narrative by engaging in the full pineapple value chain, from cultivation to concentrate manufacturing for local and international markets.”
He concluded by urging policymakers and stakeholders to do more in realizing the sector’s full potential. “Agriculture isn’t just a business,” he said. “It’s a way of life, one that holds the key to Nigeria’s sustainable development.”
