The recent destruction of cannabis by the National Drug Law Enforcement Agency (NDLEA) of Nigeria has sparked debate about the agency’s approach to drug control. While the NDLEA’s efforts to curb drug abuse are commendable, the destruction of cannabis is a missed opportunity for the government to raise revenue and promote economic growth.
Cannabis, also known as marijuana, is a versatile plant with various industrial and medicinal uses. The oil extracted from cannabis, known as cannabidiol (CBD), has numerous health benefits and is in high demand globally. Instead of destroying cannabis, the NDLEA could have explored the option of milking out the oil and selling it to raise revenue for the government.
The benefits of this approach are numerous. Firstly, it would provide a new source of revenue for the government, which could be used to fund various development projects. Secondly, it would create jobs and stimulate economic growth in the agricultural and manufacturing sectors. Finally, it would reduce the financial burden of drug control on the government, as the revenue generated from the sale of CBD oil could be used to fund anti-drug campaigns, rehabilitation programmes among other development projects.
According to reports, the average value of the cannabis destroyed per year is around ₦10 billion (approximately $25 million USD. However, if the NDLEA was to extract the oil from the cannabis instead of destroying it, the country could potentially earn billions of Naira in revenue. The global market for cannabidiol (CBD) oil, which is extracted from cannabis, is booming with estimates suggesting that it could reach $22.1 billion by 2025.
Assuming that the cannabis destroyed by the NDLEA every year could produce around 10,000 liters of CBD oil (a conservative estimate), and considering that the average price of CBD oil on the global market is around $5,000 per liter, Nigeria could potentially earn around ₦50 billion (approximately $125 million USD) per year from selling CBD oil extracted from the cannabis. If eventually government empowers and controls the production, sales and the processing of it, Nigeria could earn billions of dollars from it per annum which will be a new source of revenue and boost our GDP in a very high degree.
Furthermore, the destruction of cannabis is not an effective way to curb drug abuse. It only drives the trade underground, making it more difficult to regulate and control. A more effective approach would be to regulate the cultivation and sale of cannabis, ensuring that it is used for medicinal and industrial purposes only. This will grant marijuana farmers the opportunity to play clean and cooperate with government agencies that shall be given the responsibilities to regulate, control, monitor and possibly purchase the products from farmers.
The staggering amount of money earned from it could be used to fund various development projects in the country, such as healthcare, education, and infrastructure. Instead, the NDLEA’s policy of destroying cannabis is essentially burning away billions of Naira in potential revenue every year.
It’s time for the Nigerian government to rethink its approach to cannabis and consider harnessing its economic potential instead of destroying it. By doing so, the country could unlock a new source of revenue and create job opportunities for its citizens.
– Ambassador Ezewele Cyril Abionanojie is the author of the book ‘The Enemy Called Corruption’ an award winner of Best Columnist of the year 2020, Giant in Security Support, Statesmanship Integrity & Productivity Award Among others. He is the President of Peace Ambassador Global.
