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By Chinyere Anyanwu
The Minister for Agriculture and Food Security, Abubakar Kyari, has stated that rethinking the country’s module of agricultural financing is critical to building a sustainable non-oil export economy.
The minister stated this during the 2025 First Bank Agric & Export Expo held in Lagos yesterday. The programme was themed; “Fundamentals of Building a Non-Oil Export-Driven Economy”.
The minister, who was represented by the Special Adviser on Technical Affairs in the ministry, Ibrahim Alkali, said Nigeria spends over $10 billion annually on food imports despite contributing 25 per cent of the Gross Domestic Products (GDP) and employing 35 per cent of the workforce.
He said, “agriculture sits on 85 million hectares of urban land, with a youth population of over 70 per cent under the age of 30, yet, Nigeria accounts for less than 0.5 per cent of global agricultural exports.”
Acknowledging that food sovereignty is core to sustainable non-oil export, the minister insisted that Nigeria must not only feed herself but should do so on its own terms, free from excessive dependence on imports.
According to the minister, “sovereignty means ensuring that no Nigerian goes hungry because of shocks in the global supply chain, allowing every community to stand on the strength of the land, the people, and productivity.”
He said boosting domestic production and building surplus for exports are not separate agendas but two sides of the same coin, saying, “we have the land, the labour, and the markets, but we lack the system of financing, value addition and infrastructure that convert potential into prosperity.
“Today, the fundamentals compel a pivot from dependence on oil rents to resilience in food and export earnings,” the minister stated.
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Kyari said, “if we want to build a non-oil export economy, then roads, rail, storage, ports and certification systems are not luxuries, they are fundamentals”.
In his opening remarks, the First Bank Chief Executive Officer, Olusegun Alebiosu, said the Agric Export Expo is a testament to the bank’s unwavering commitment to advancing Nigeria’s economic priorities.
“The Expo reflects our shared vision for a stronger, more resilient economy, one anchored on food security, agribusiness, solid minerals, and most critically, the expansion of non-oil exports.”
According to him, “this year’s theme, The Fundamentals of Building an Export-Driven Economy, could not be more timely.
As a nation, we find ourselves at a pivotal moment in our economic journey, one that demands bold diversification beyond oil and the harnessing of the vast opportunities in our non-oil sectors.”
He stated that the expo “stands as a beacon for collaboration, innovation, and sustainable growth. Together, we can chart a course that secures our future prosperity and positions Nigeria as a competitive force in the global marketplace.”
For his part, the Lagos State Governor, Babajide Sanwo-Olu, said the economic reality confronting the country shows that there have been several global disruptions including the wars happening in Ukraine, Gaza, and some parts of Africa, all pointing to the fact that Nigeria must urgently broaden its economic base.
He said, “we must move away from our dependence on oil and build a resilient economy that is anchored on productivity, value addition and competitiveness in the non-oil sector.”
