Vice President Kashim Shettima has declared that Nigeria has no business being poor, emphasizing the country's vast untapped agricultural and marine resources. He made this assertion while delivering a keynote address at the Agric, Development and Investment Summit held in Abuja on Wednesday, July 15.
Indonesia's Palm Oil Revenue Outpaces Nigeria's Crude Oil Income
Shettima drew a striking comparison between Nigeria and Indonesia, noting that Indonesia, also an oil-producing nation, earned $25 billion from 53 million tons of crude palm oil in 2025, while exporting only 32 million tons. This revenue exceeded Nigeria's oil revenue by a significant margin, with Indonesia achieving this with just 50 percent of what it earned from palm oil exports.
“Indonesia is an oil producing country, but in 2025 it earned 25 billion dollars from 53 tons of crude palm oil while exporting only 32 million tons. Its revenue exceeded more than Nigeria’s oil revenue with just 50 percent of what Indonesia earned from oil palm export,” Shettima stated.
The Niger Delta's Marine Potential
The Vice President highlighted the Niger Delta as the third-largest delta in the world, endowed with rich marine resources suitable for mariculture, including fish farming of species like salmon, tuna, and lobsters. He questioned why these resources remain underutilized, pointing to the delta's potential to generate substantial wealth.
“The Niger Delta is the third-largest delta in the world, and what do people in Mariculture do? Fish farming like Salmon, Tuna, lobsters, and the Delta is endowed with those resources,” he said.
Nigeria's Potential to Be Among the Richest Nations
Shettima emphasized that Nigeria has the potential to be one of the richest countries in the world, with certain regions where investment in agriculture can yield tremendous returns. He urged Nigerians to harness the country's natural endowments to overcome poverty.
“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. There are certain parts of this country where money can grow, you can plant money and harvest tremendous money resources,” he added.
