FirstBank, Lagos, Ondo, Niger Push Agric Investment Plans

In Short

FirstBank Group and the governments of Lagos, Ondo, and Niger states say Nigeria needs more investment across agriculture, processing, and exports to reduce food imports.

What Happened

FirstBank Group outlined fresh agriculture value-chain plans at its fifth Agric and Export Expo in Lagos. The expo theme was “From Farm to Global Markets: Building Nigeria’s Export Value Chain.”

The two-day event drew more than 2,000 participants and 100 exhibitors. The focus was on boosting local production and moving commodities from farms into local and international markets.

FirstBank CEO Olusegun Alebiosu said the bank will keep supporting agribusiness partnerships with state governments and private investors. He said the next phase will put more weight on value addition, meaning processing raw crops into finished or semi-finished products that can earn more money.

Lagos State Governor Babajide Sanwo-Olu, represented by the state agriculture commissioner, said banks need funding models that match farming realities. He pointed to planting and harvest cycles, which often do not fit short-term loans designed for trading businesses.

Sanwo-Olu also urged agro-processors to do more local processing instead of exporting raw commodities. He cited projects like the Lekki Deep Sea Port and the Lagos Rice Mill as infrastructure meant to support processing and export logistics, including under the African Continental Free Trade Area.

Niger State Governor Mohammed Bago said Nigeria’s food import bill has already exceeded $3 billion this year and could reach $4 billion by December. He said domestic food supply should come before an export push.

Bago added that Niger State has set up a special purpose vehicle, meaning a separate investment company used to execute projects faster than normal government processes. He said it secured a $100 million financing line from Saudi EXIM Bank, guaranteed by Saudi dairy company Almarai, to fund irrigation and livestock feed production.

Why It Matters

Food imports are a major pressure point for Nigeria’s foreign exchange and inflation. More local production and processing can reduce import demand and improve price stability.

For startups and tech suppliers in Nigeria’s agribusiness ecosystem, the message is clear. Financing, logistics, and processing capacity are now the key bottlenecks to solve, not only farm yield.