FirstBank CEO: Agriculture, exports crucial to Nigeria’s financial diversity

Farming and exports stay important to Nigeria’s efforts to diversify its economy and accomplish sustainable financial development, FirstBank Group Chief Executive Officer, Olusegun Alebiosu, has actually stated.

Alebiosu made the declaration throughout his opening remarks at the 5th FirstBank Agric & & Export Expo 2026, themed “From Farm to Global Markets: Building Nigeria’s Export Value Chain,” kept in Lagos on August 16 and 17, 2026.

The two-day exposition combined manufacturers, processors, exporters, investors, policymakers and financiers to go over chances and obstacles throughout Nigeria’s farming and non-oil export worth chains.

What they are stating

Alebiosu stated farming and exports have considerable capacity to reinforce financial development, produce chances for services and business owners and assistance Nigeria’s diversity efforts.

• At FirstBank, we identify that farming and exports stay vital to Nigeria’s financial diversity program. They hold remarkable capacity for enhancing sustainable financial development,” Alebiosu stated.

He stated the exposition had actually developed from an effort concentrated on awareness and engagement into a platform linking gamers throughout the farming and export community.

• “Our goal is not just to display chances within farming and exports however likewise to assist in the connections, collaborations, funding services, market gain access to chances, and understanding exchange needed to change concepts into growing business,” he stated.

He stated more powerful partnership amongst stakeholders would be essential to equate chances in the farming and export sectors into concrete financial results.

Throughout the exposition, FirstBank likewise signed a Memorandum of Understanding with NEXIM Bank and Sapphital Limited to broaden trade financing, enhance value-chain cooperation and assistance non-oil exports. The arrangement was signed by Alebiosu, NEXIM Bank Managing Director and Chief Executive Officer, Abubakar Abba Bello, and Sapphital Executive Director, Finance and Strategy, Chinedu Ogbeide.

Require more powerful farming worth chains

Lagos State Governor, Babajide Sanwo-Olu, required more effective farming worth chains to move Nigeria from exporting raw products to value-added items.

Sanwo-Olu, represented by Commissioner for Agriculture and Food Systems, Abisola Olusanya, stated Lagos was buying facilities, cold-chain logistics, storage and agro-industrial advancement, mentioning the Imota Rice Mill’s production of more than 500,000 bags of Eko Rice in one year.

Niger State Governor, Mohammed Bago, stated Nigeria imported more than $3 billion worth of food in 2026 and might reach $4 billion before year-end, worrying the requirement to enhance domestic production.

Bago mentioned a $100 million Saudi-backed watering center in Niger State and prepare for export-oriented greenhouses, while requiring higher financial investment in farming research study and regional seed production.

Ondo State Governor, Lucky Aiyedatiwa, stated the state was moving beyond main production into processing, product packaging, traceability and exports, consisting of through the circulation of more than 2 million cocoa seedlings.

Aiyedatiwa likewise stated Ondo had actually developed a committee to support compliance with the European Union Deforestation Regulation and enhance traceability in its cocoa worth chain.

Brazil’s Consul General in Lagos, Ronaldo Vieira, stated cooperation amongst federal government, the economic sector, research study organizations, universities, manufacturers and banks had actually supported Brazil’s farming advancement.

More information

Individuals at the exposition recognized low fertiliser usage, minimal watering, bad facilities and insufficient funding as significant restraints on farming performance in Nigeria.

Vishwajit Sinha, Chief Executive Officer of Greenview Fertiliser Corporation, stated fertiliser usage in Nigeria stands at about 15kg per hectare, listed below the 50kg per hectare ECOWAS target.

• Sinha stated yields for maize, rice, sorghum, cassava and yam stay at about 20% to 25% of equivalent worldwide levels, while bad roadways, storage and logistics add to post-harvest losses of 40% to 50%.
• He stated about 78% of farmers are economically consisted of, however just around 2% of overall farming loans reach farms.

Agboola Zubayr Belgore, Managing Director of Amo Byng Nigeria Limited, stated Nigeria produces about 1 million to 1.3 million tonnes of soybeans each year versus need of approximately 2 million tonnes.

Belgore alerted that increasing need for Nigeria’s non-GMO soybeans in export markets might even more increase rates for domestic animals feed manufacturers.

What you must understand

Nigeria’s non-oil exports increased to N3.19 trillion in the very first quarter of 2026, according to information from the National Bureau of Statistics (NBS).

• The figure increased 1.31% from N3.15 trillion in Q4 2025 and 0.60% from N3.17 trillion in Q1 2025.
• Overall non-oil exports stood at N12.36 trillion in 2025 and represented roughly 15.05% of overall exports in Q1 2026.
• Leading Q1 non-oil exports consisted of sesamum seeds at N153.78 billionsoya beans at N129.27 billion and cashew nuts at N119.76 billion.

Photovoltaic items produced N85.79 billion, while electrical items represented N75.16 billion.

In Q2 2026, the leading 10 farming export items created N747.54 billion, led by cashew nuts in shell at N268.62 billion, basic quality cocoa beans at N154.31 billion and sesamum seeds at N96.03 billion.