Nigerian President Muhammadu Buhari signed into law on December 31 a budget of 13.59 trillion naira (€28.1 billion) for 2021, up about 20% from 2020 as the continent's largest economy struggling with the recession.

The Nigerian economy is expected to contract by 3.25% in 2020 and recover very weakly in 2021 at 1.5% according to the IMF. The recession, caused by the Covid 19 pandemic and the fall in oil prices, is accompanied by high inflation, in double digits, in particular of food products, and a depreciation of the national currency.

While economic diversification and food security are still top priorities for the state, the 2021 budget of the Federal Ministry of Agriculture and Rural Development is only 280.315 billion naira, or approximately 2% of the overall budget.