NEC Approves $90bn Agribusiness, Livestock Plan, Launches Textile Revival Board

The National Economic Council (NEC) has approved the establishment of a Cotton, Textile and Garment Development Board, alongside a plan to transform Nigeria’s agribusiness and livestock sectors with a projected economic value of up to $90bn by 2035.

At its 149th meeting held on Thursday at the Presidential Villa in Abuja and chaired by Vice President Kashim Shettima, the Council also approved the establishment of the Green Imperative Project (GIP) national office in Abuja, with regional offices across the six geopolitical zones. NEC also expressed its condolences over the recent killings in Benue and Plateau States and observed a minute of silence in honour of the victims.

The newly approved Cotton, Textile and Garment Development Board is expected to serve as the regulatory body for the sector and will be domiciled in the Presidency. It will be private sector-driven with public sector representation, including the Ministers of Agriculture and Food Security, Budget and Economic Planning, and Industry, Trade and Investment. Governors from the six geopolitical zones will also sit on the board, which will be funded through the Textile Import Levy collected by the Nigeria Customs Service.

Shettima said the board is key to reviving a sector that once played a major role in Nigeria’s economy. He highlighted the country’s vast potential, noting that cotton can be grown in 34 states, yet current production is limited to 13,000 metric tons.

“Our goal is not just regulation. It is a revival. This is our opportunity to re-industrialise, to empower communities, and to restore pride in local production,” he stated.

In a bid to bolster food security, NEC endorsed the formal launch of the National Agribusiness Policy Mechanism.

Shettima stressed that Council deliberations must go beyond rhetoric and produce tangible results.

“The nation is watching. Our citizens are not waiting for another speech. They are waiting for results. This Council must remain a meeting point of ideas that move the nation forward. Let us rise above partisan interests and regional divisions and focus on what truly matters—building a nation that delivers for all,” he stated.

VP Shettima reminded members that they were not at the council meeting as a mere routine but by “the resolve to confront the pressing realities that define the lives” of the Nigerian people”, even as he urged them not to just respond to crises, but work as architects of a sustainable future for the nation.

He stated: “Governance, in truth, is not the theatre of promises. It is the solemn business of fulfilment. Today, as always, we are not here to admire the beauty of policy design but to ensure the substance of its execution.

The meeting also featured a presentation on Nigeria’s livestock sector, delivered by the Federal Ministry of Livestock Development. The Council endorsed a new strategy that builds upon the existing National Livestock Transformation Plan (NLTP) and the National Livestock Growth Acceleration Strategy (NL-GAS), projecting that the sector could reach a value of $74 billion to $90 billion by 2035.

Key pillars of the livestock strategy for 2025–2026 include animal health and zoonoses control, feed and fodder development, water resources management, statistics and information systems, and breed improvement. NEC approved several proposals, including the formal transfer of N100 billion in previously committed resources to support the modernisation of the sector and the creation of State Ministries of Livestock Development.

The Council also agreed to collaborate with the Federal Ministry and sub-national entities to attract investors, enhance national job creation, improve internally generated revenue (IGR), and transform Nigeria into a global exporter of red meat, particularly to Middle Eastern and Asian markets.

Further, the Honourable Minister of Education presented a roadmap to equip five million Nigerian youths with industry-relevant, income-generating, and entrepreneurial skills by 2030. Through a reformed Technical and Vocational Education Training (TVET) system, the initiative aims to standardise and accredit skill development efforts nationwide. NEC praised the integration of the initiative into national education policy and encouraged state governments to actively participate regardless of political affiliation.

The Council also received a financial update from the Accountant-General of the Federation. As of April 2025, the Excess Crude Account stood at $473,754.57, the Stabilisation Account at N63.5bn, and the Natural Resources Development Account at N72.8bn.

Shettima stressed that deliberations by NEC must inspire action, deepen unity and uplift the lives of the citizens, and to actualise this, he pushed for the consideration of a “field visit by the NEC Implementation Monitoring Committee.

“This is a critical step in bridging the gap between policy and performance. Our people do not evaluate us by the elegance of our policies, but by the evidence of their impact,” he added.