cannabis nigeria
Industry - May 26, 2022

Cannabis: 5 Ways Nigeria Can Make Millions

Cannabis can be a very volatile topic within Nigeria, from a social, political, and economic perspective. Yet, the economic benefit to the country is immeasurable. 

According to reports, the medical market for cannabis globally will be worth $145 billion by 2025.

Countries that know the worth of the budding industry are already making efforts to tap into this enormous market, thus generating adequate Gross Domestic Products (GDPs).

Here are 3 ways cannabis could help Nigeria make millions. 

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1. Can boost the GDP 

Most states in the U.S  have legalised cannabis, which has resulted in massive tax revenues. In 2019, Washington generated approximately $559.5 million of legal cannabis revenue.

Some public figures in Nigeria have used this standing to make strong cases for commercialisation in the country.

Omoyele Sowore, publisher of Sahara Reporters during his campaign in 2019 for the presidential candidate of African Action Congress, made a fascinating argument for the leaf. However, his arguments had a lot of opposition from a cross-section of his listeners.

Another notable personality is the Governor of Ondo State, Oluwarotimi Akeredolu, SAN, who despite the initial criticisms thrown at him by commentators, has continuously made a strong case for the commercialisation of cannabis for the purpose of generating revenue in Nigeria.

2. Diversification of industry 

It’s unnecessary to debate the need to diversify the economy in Nigeria away from its over-reliance on the sale of crude oil. It has been the basis of the country’s revenue for almost half a century now. 

In this dispensation of economic turbulence, especially with regard to the declining price of crude oil in the global market, it is a no brainer that the leaders in Nigeria should consider using some of the other natural resources it is endowed with to their advantage. 

This will help to generate revenue and additionally, help to create jobs for the large population of unemployed youth. 

One bold way to achieve this is through the cannabis value chain. Just as some other countries have legally controlled it and used it to their advantage, Nigeria can do the same.

3. Jobs and income 

The legalisation of cannabis will aid in the establishment of nurseries and dispensaries.  

Not only would this create jobs, but it would also kick-start economic activity in the cannabis business in these places. 

The economic impact of such infrastructure in regions like California and Nevada, where it already exists, has become more quantifiable as the sector has evolved.

4. Medical benefits 

Reputable medical experts have tested and proven the health benefits of cannabis. With the controlled use of cannabis, it has been used to bring relief to chronic pain and treat anxiety and diabetes.

It is also believed that it will help to improve lung capacity, weight loss, fight cancer, and help treat depression. 

Cannabis also shows promise in the treatment of autism patients, regulates seizures, and mends bones, it also slows the development of Alzheimer’s disease. There are many other numerous positive reasons. 

All these positive reasons cannot be ignored because of irrational fears and phoney morality.

Some countries like Argentina, Australia, Brazil, Barbados, Canada, Chile, Germany, Ireland, Greece, Netherlands, United Kingdom, Zambia, Zimbabwe, and some states in the U.S, among others, have allowed medical cannabis.

5. Investment opportunities 

On a local and national scale, legal cannabis has the potential to be a huge boon to the economy. 

It can also aid in the protection of clients’ financial portfolios across the country and beyond. 

Cannabis companies would be free to list their stocks on all Nigerian exchange if it were legal on a national level. It will aid in increasing liquidity and allowing access to a larger pool of investors. 

If the cannabis industry’s growth rates continue to be as strong as they have been in recent years, investors are certain to take notice.

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