FirstBank Agric Expo Spotlights Nigeria’s Unsustainable $10bln Food Import Bill

Agriculture and Food Security Minister Abubakar Kyari has disclosed that Nigeria spends a whopping annual $10 billion on food import, describing it as unsustainable.

To reverse it, he said the nation should urgently diversify into agricultural exports to achieve food independence.

Speaking at the FirstBank 2025 Agric and Export Expo in Lagos, Kyari warned that the country’s excessive reliance on oil revenue leaves the economy exposed to global market volatility.

“When oil prices shake, Nigeria trembles. When the Naira slides, food and fuel costs climb. But when agriculture thrives, Nigeria breathes easier,” he said.

Represented by Ibrahim Alkali, a director in the ministry, Minister Abubakar Kyari described the expo’s theme—building a non-oil export economy—as a “survival strategy” for the nation.

He pointed out the paradox of Nigeria’s agricultural sector: it contributes 25% to the GDP and employs 35% of the workforce, yet accounts for less than 0.5% of global agricultural exports.

This is while the country continues to import basic commodities like wheat, rice, sugar, fish, and tomato paste.

Lagos Governor Babajide Sanwo-Olu echoed this sentiment, stressing the need for Nigeria to shift away from its reliance on oil.

He stated that the country must build a resilient economy centered on productivity, value addition, and competitiveness within the non-oil sector.

Mrs. Jumoke Oduwole, the Minister of Industry, Trade and Investment, represented by Nonye Ayeni of the Nigerian Export Promotion Council, underscored the importance of prioritizing agro-processing to transform raw produce into globally competitive products.

FirstBank, the organizer of the event, was praised for its leadership in agricultural finance. Its portfolio recently grew by over ₦11.65 billion, and the bank accounts for more than 23% of participation in the Commercial Agricultural Credit Scheme.

The event also showcased various agricultural products ready for export, with the Niger State governor announcing a partnership with FirstBank and Lagos State to boost agricultural productivity and value addition.