FirstBank and key stakeholders in Nigeria’s agricultural sector have called for a shift towards structured and patient financing to unlock the potential of agribusiness and strengthen the country’s non-oil exports.
The call was made during the fifth edition of the FirstBank Agric & Export Expo in Lagos, where financial sector leaders, policymakers, farmers, exporters and other industry players discussed ways to improve investment across the agricultural value chain. The 2026 expo is themed “From Farm to Global Markets: Building Nigeria’s Export Value Chain.”
Lagos State Governor Babajide Sanwo-Olu, represented by the Commissioner for Agriculture and Food Systems, Ruth Olusanya, said conventional short-term bank loans often do not reflect the realities of agricultural businesses.
He said financing arrangements should take into account planting, harvesting, processing and other stages of the agricultural cycle, noting that access to suitable financing was essential for turning agricultural production into sustainable businesses.
Sanwo-Olu also urged farmers and agro-processors to focus more on adding value to agricultural commodities before exporting them.
He argued that exporting raw commodities limits the economic benefits Nigeria can derive from its agricultural resources, stressing the need to process products such as cocoa and cassava locally before taking them to international markets.
The Chief Executive Officer of FirstBank Group, Olusegun Alebiosu, said the bank was moving beyond discussions about agriculture towards actual financing, partnerships and market opportunities.
Alebiosu said the objective of the expo was to connect businesses with financing solutions, market access, partnerships and knowledge needed to turn agricultural opportunities into viable enterprises.
FirstBank’s Chief Economist, Chinwe Egwim, highlighted what she described as a significant gap between agriculture’s contribution to Nigeria’s economy and its contribution to merchandise exports.
According to Egwim, agriculture contributes more than 20 per cent to Nigeria’s Gross Domestic Product but accounts for only about 4.1 per cent of merchandise export earnings.
She said the disparity presents opportunities for investment, particularly in areas such as aggregation, storage and processing, which can help farmers and businesses capture more value from agricultural production.
Egwim also advised agricultural exporters to adopt a market-driven approach by developing products according to international buyers’ specifications, certification requirements and supply expectations.
The Consul-General of Brazil in Lagos, Ronaldo Vieira, highlighted Brazil’s agricultural transformation as an example of what can be achieved through cooperation among government, research institutions, farmers and private financiers.
Ondo State Governor Lucky Aiyedatiwa and Niger State Governor Mohammed Umaru Bago also called for greater investment in agricultural value chains.
Aiyedatiwa said Ondo’s potential in cocoa, oil palm, cassava, fisheries, aquaculture and livestock could generate greater economic benefits if investment extended beyond primary production into processing, storage, logistics, quality standards and market access.
He also stressed the importance of meeting international standards, particularly for cocoa exports, as global buyers increasingly demand traceability and environmental compliance.
Bago, meanwhile, raised concerns about Nigeria’s dependence on imported food. He said the country had imported food worth more than US$3,000,000,000 during the year and that the figure could reach US$4,000,000,000 before the end of 2026.
The Niger governor called for stronger domestic food production and said agriculture could also contribute to efforts to address insecurity by creating economic opportunities and improving food availability.
He further disclosed that Niger State was developing its own seed-production capacity while calling for greater priority to be given to agriculture in Nigeria’s financial and monetary policies.
FirstBank said the expo forms part of its broader efforts to strengthen Nigeria’s agricultural and non-oil export sectors by connecting businesses across production, processing, financing, packaging, storage and international markets.
The discussions come as Nigeria seeks to reduce dependence on oil revenues, strengthen domestic food production and increase foreign exchange earnings from non-oil exports.
