Nigeria’s Minister of Agriculture and Food Security, Senator Abubakar Kyari, has declared the country’s annual $10 billion food import expenditure unsustainable, calling for urgent diversification into agricultural exports to achieve food sovereignty.

Speaking at the FirstBank 2025 Agric and Export Expo in Lagos, Kyiari warned that Nigeria’s over-reliance on oil revenues leaves the economy vulnerable to global market shocks.

The minister, who was represented by  Ibrahim Alkali, said: “When oil prices shake, Nigeria trembles. When the Naira slides, food and fuel costs climb. But when agriculture thrives, Nigeria breathes easier.”

Kyari,  who  described the expo’s theme of building a non-oil export-driven economy as “a survival strategy for our nation,”  highlighted the paradox of Nigeria’s agricultural sector, which contributes 25 per cent to GDP and employs 35 per cent of the workforce, yet accounts for less than 0.5 per cent of global agricultural exports while the country imports basic commodities like wheat, rice, sugar, fish, and tomato paste.

Lagos State Governor Babajide Sanwo-Olu reinforced the urgency of economic diversification, stating that Nigeria must “move away from dependence on oil and build a resilient economy anchored on productivity, value addition, and competitiveness in the non-oil sector.

The Minister of Industry, Trade and Investment, Mrs Jumoke Oduwole, represented by the  Mrs Nonye Ayeni of the Nigerian Export Promotion Council, emphasised the need to prioritise value addition and agro-processing to transform raw produce into globally competitive products.

FirstBank, which organised the expo, was commended for its agricultural finance leadership, with its portfolio growing by over N11.65 billion recently and accounting for more than 23% of participation in the Commercial Agricultural Credit Scheme.

The event showcased agricultural produce  ready for export, with the Niger State governor announcing his state’s commitment to partner with FirstBank and Lagos State in driving agricultural productivity and value addition.

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