Chief Executive Officer of Witford Nigeria Limited, Tobiloba Olagbende, said Nigeria’s largely untapped commodity market has the potential to address some of the country’s pressing economic challenges.

He said with the right support, Nigeria’s commodity market could catalyse economic recovery, creating opportunities for millions across Nigeria and Africa. In an exclusive interview, Olagbende discussed the transformational potential of agriculture, underscoring the need for greater value addition and a supportive investment climate to revitalise the economy.

Olagbende noted that Nigeria’s focus shifted from agriculture to oil following the discovery of crude, leading to a downturn in agricultural investment. However, he emphasised that agriculture historically played a pivotal role in developing Nigeria’s infrastructure, funding education, and generating employment.

“It was funds from agriculture that were used to build institutions like the University of Ibadan (UI), Obafemi Awolowo University (OAU) and iconic structures such as the Cocoa House,” he pointed out. He argued that refocusing on agriculture could help boost Nigeria’s foreign exchange earnings, reducing dependency on oil revenues and easing pressure on the naira.

With global demand for food projected to surge over the next 50 years, Olagbende noted that Africa and Nigeria in particular, could emerge as a crucial supplier to meet the needs of a growing global population.

Olagbende acknowledged, however, that capital remains a significant barrier for young Nigerians seeking to enter the commodity market.

He encouraged young entrepreneurs to consider trading region-specific commodities such as sesame and peanuts in the north, coconuts and cashews in the southwest, and palm oil in the east.

Concerning Nigerian products’ competitiveness in the international market, Olagbende asserted that the country produces high-quality commodities.He highlighted, however, that international markets impose stringent quality control standards, which can be challenging for Nigerian exporters.

Olagbende noted that certain products like yams are accepted from Ghana but face restrictions when exported from Nigeria to the European Union.

To bridge this gap, Olagbende revealed that Witford Nigeria is developing a tech-driven platform designed to facilitate access to international buyers and streamline the export process. The platform aims to build trust by ensuring transparency, a factor that Olagbende believes will encourage more youth and women to participate in the export market.

Despite his enthusiasm, Olagbende identified key obstacles that hinder investment in value-added processing, such as limited access to capital and high interest rates.

Processing, he explained, is one of the most profitable stages in the commodity value chain but demands substantial capital reserves, especially for off-season storage. He stressed that unpredictable policy shifts and high interest rates further complicate long-term investments.

Olagbende called on the government to implement more favourable policies and reduce interest rates to attract investment.He suggested that, in cases where local investors lack the capacity for large-scale processing, partnerships with foreign companies could offer a viable solution if the business environment becomes more supportive and stable.

Emphasising the importance of knowledge and partnerships, Olagbende advised aspiring entrepreneurs to equip themselves with industry insights and cultivate strong alliances to succeed in Nigeria’s unique business landscape.