Nigeria non-oil export economy can thrive with revamped agricultural financing and infrastructure, says Minister Kyari at First Bank Agric & Export Expo

Nigeria non-oil export economy is at a critical turning point as Minister for Agriculture and Food Security, Abubakar Kyari, emphasized the urgent need to rethink the country’s agricultural financing model.

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Speaking at the 2025 First Bank Agric & Export Expo in Lagos, themed “Fundamentals of Building a Non-Oil Export-Driven Economy,” the minister highlighted the country’s paradox:

Nigeria spends over \$10 billion annually on food imports despite agriculture contributing 25 per cent of GDP and employing 35 per cent of the workforce.

“Agriculture sits on 85 million hectares of urban land, with a youth population of over 70 per cent under 30, yet Nigeria accounts for less than 0.5 per cent of global agricultural exports,” Kyari said.

He stressed that achieving food sovereignty is essential to building a resilient non-oil export economy.

The minister underscored that boosting domestic production and building surplus for exports are two sides of the same coin.

“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,” he added.

Kyari also noted that foundational infrastructure—roads, rail, storage, ports, and certification systems—are not luxuries but fundamentals for a non-oil export-driven economy.

First Bank CEO Olusegun Alebiosu echoed this sentiment, stating that the expo demonstrates the bank’s commitment to advancing Nigeria’s economic priorities.

“The Expo stands as a beacon for collaboration, innovation, and sustainable growth,” he said.

Lagos State Governor Babajide Sanwo-Olu highlighted global disruptions, including conflicts in Ukraine and Gaza, as a call for Nigeria to diversify its economy.

“We must move away from dependence on oil and build a resilient economy anchored on productivity, value addition, and competitiveness in the non-oil sector,” he said.

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With a renewed focus on agricultural financing, infrastructure, and value addition, Nigeria has the tools to convert its agricultural potential into a thriving non-oil export economy, positioning the country as a competitive force globally.