The country needs to rethink agri-financing, says agriculture minister
Nigeria is spending over $10 billion every year importing food products like wheat, rice, sugar, fish, and even tomato paste — and the government says that has to change.
At the 2025 Agric and Export Expo hosted by First Bank of Nigeria in Lagos, the Minister of Agriculture and Food Security, Sen. Abubakar Kyari (represented by Special Adviser Ibrahim Alkali), said Nigeria must shift from importing food to producing and exporting more of its own.
Why this matters
Despite having 85 million hectares of arable land and a population where over 70% are under 30, Nigeria still contributes less than 0.5% to global agricultural exports. Agriculture already makes up 35% of the country’s GDP and employs 35% of its workforce, yet export earnings from agro-products are under $400 million.
“This is not sustainable,” Kyari said. “To build a non-oil export economy, we must rethink how we finance agriculture.”
The goal: food sovereignty
Kyari emphasized that President Tinubu’s administration is aiming for food sovereignty — not just feeding the country, but doing it independently of foreign supply chains.
“Food security means that no Nigerian should go hungry due to global shocks,” he said. “We need to support both domestic production and exports — they go hand in hand.”
What needs to change
The minister pointed out that while Nigeria has the land, labor, and market potential, it still lacks the right financing systems, infrastructure, and value-added agribusiness strategies to turn potential into actual economic growth.
He called for a shift:
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From fragmented farmer credit to structured financial systems
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From raw commodity exports to value-added products
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From outdated perceptions to youth-driven agribusiness
Real solutions, not just theory
Kyari urged for smarter funding tools and better planning, including ideas like forward contracts, performance-based funding, and pay-as-you-harvest models.
“These ideas aren’t just theoretical — they’re working in other countries,” he said. “It’s time we make them work here too.”
