FirstBank Expo: A New Push to Restore Nigeria’s Agricultural Exports

Nigeria’s quest to break free from oil dependency and achieve food sovereignty took center stage at the FirstBank 2025 Agric and Export Expo, where the bank’s Chief Executive Officer/Managing Director emphasized FirstBank’s unwavering commitment to advancing Nigeria’s economic priorities through agricultural transformation.

In his opening address, the FirstBank CEO described the expo as having grown into “a defining platform” that 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.”

The CEO highlighted the timeliness of this year’s theme, “The Fundamentals of Building an Export-Driven Economy,” noting that Nigeria finds itself “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 positioned the FirstBank Agric & Export Expo as “a beacon for collaboration, innovation, and sustainable growth,” emphasizing that “together, we can chart a course that secures our future prosperity and positions Nigeria as a competitive force in the global marketplace.”

Minister of Agriculture and Food Security, Senator Abubakar Kyari, through his representative Engr Ibrahim Alkali, described the expo’s theme on building an export-driven economy as more than an intellectual discussion, calling it “a survival strategy for our nation.”

The minister painted a stark picture of Nigeria’s economic vulnerability, explaining that “when oil prices shake, Nigeria trembles. When the Naira slides, food and fuel costs climb. But when agriculture thrives, Nigeria breathes easier.”

Despite agriculture’s significant contribution of 25% to GDP and employment of 35% of the workforce, Nigeria paradoxically spends over $10 billion annually importing basic food commodities while accounting for less than 0.5% of global agricultural exports.

Governor Babajide Sanwo-Olu of Lagos State reinforced the urgency of the situation, declaring that Nigeria must “urgently broaden its economic base” and move away from oil dependence toward “a resilient economy anchored on productivity, value addition, and competitiveness in the non-oil sector.”

The Federal Ministry of Industry, Trade and Investment, represented by Nigerian Export Promotion Council CEO Mrs Nonye Ayeni, emphasized the need to strengthen linkages between farmers, SMEs, and exporters while expanding access to affordable credit and risk-sharing facilities for agribusiness investors.

The expo featured structured sessions designed to drive actionable outcomes, including a Plenary Session providing strategic overview of pathways to accelerate growth in agribusiness and non-oil exports led by policymakers and private sector leaders, and a Technical Session bringing together industry experts to explore practical strategies for repositioning these sectors as core drivers of economic growth.

FirstBank received widespread commendation for its pioneering role in agricultural finance, with officials noting that as Nigeria’s oldest bank, the institution has long been a pioneer in agricultural finance. Its agricultural portfolio has grown by over N11.65 billion in recent years, supporting farmers, processors, and exporters across entire value chains from primary production to processing, storage, and export.

The bank leads all financial institutions in Commercial Agricultural Credit Scheme participation at over 23%, with dedicated agricultural finance teams supporting comprehensive value chain development.

The event showcased export-ready agricultural products from various agro giants, with the Niger State Governor expressing his state’s commitment to collaborate with FirstBank and Lagos State in enhancing agricultural productivity and value addition, demonstrating the broad coalition building around Nigeria’s agricultural transformation agenda.