FirstBank CEO Calls Agriculture and Exports Key to Nigeria Diversification
Nigeria · BUSINESS
Key Facts
- —What happened FirstBank Group Chief Executive Officer Olusegun Alebiosu said agriculture and exports are critical to Nigeria economic diversification at the bank’s 5th Agric & Export Expo in Lagos on 16–17 August 2026.
- —The gap Agriculture contributes over 20% of Nigeria’s gross domestic product but only 4.1% of merchandise export earnings, according to FirstBank and expo speakers.
- —The push The expo, launched in 2017, aims to support agricultural value chains from production to processing and export.
- —Why it matters Nigeria, Africa’s largest oil producer, is trying to reposition agriculture and non-oil exports as a cushion against external shocks and foreign exchange shortages.
- —What comes next FirstBank says it wants to move beyond discussion to connections, partnerships, financing solutions, market access opportunities and knowledge exchange for agribusinesses and exporters.
FirstBank Group CEO Olusegun Alebiosu says agriculture and exports are critical to Nigeria economic diversification, as the sector earns only 4.1% of merchandise export revenue despite contributing over 20% of gross domestic product.
FirstBank Group Chief Executive Officer Olusegun Alebiosu has called agriculture and exports critical to Nigeria’s economic diversification, speaking at the bank’s 5th Agric & Export Expo in Lagos on 16–17 August 2026.
A clear gap between output and export earnings
The expo, themed “From Farm to Global Markets: Building Nigeria’s Export Value Chain,” put a stark imbalance in the spotlight. Agriculture contributes over 20% of Nigeria’s gross domestic product, according to FirstBank and speakers at the event.
Yet the same sector accounts for only 4.1% of merchandise export earnings. That gap, the bank said, points to a large value-addition opportunity that Nigeria has not yet captured.
Alebiosu said the bank wants to move beyond discussion to “connections, partnerships, financing solutions, market access opportunities, and knowledge exchange” for agribusinesses and exporters. The quote, reported by Nairametrics, frames the expo as a transaction space rather than a talking shop.
FirstBank positions itself as a value-chain partner
FirstBank says its expo, launched in 2017, is built to support agricultural value chains from production to processing and export. The bank is placing itself at the centre of a shift from raw commodity sales to higher-value processed goods.
The Lagos event brought together farmers, processors, exporters, financiers and government officials. The goal, as FirstBank describes it, is to connect domestic producers with market access and capital.
For a bank with a large corporate and small-business client base, the agricultural push is also a lending strategy. Financing agribusiness and export logistics opens a new revenue stream beyond oil-linked corporate banking.
Oil dependence remains the backdrop
Nigeria remains heavily exposed to oil, which dominates foreign exchange earnings and government revenue. Officials and bankers are pushing non-oil exports to strengthen foreign exchange earnings and reduce import dependence.
The argument is straightforward: when oil prices fall or production is disrupted, Nigeria’s external position weakens quickly. Agriculture and processed exports offer a slower but steadier buffer.
Africa’s largest oil producer is therefore trying to reposition agriculture and non-oil exports as a cushion against external shocks, foreign exchange shortages and commodity volatility. The expo is one visible piece of that broader policy direction.
The geopolitics of a non-oil pivot
The push also has an international dimension. Nigeria is courting capital and market access from domestic and international partners as it tries to reduce reliance on crude exports.
That fits a wider pattern across Africa, where commodity producers are seeking to move up the value chain. The competition for processing capacity, logistics investment and export finance is intensifying.
For global investors and trading partners, the signal is that Nigeria wants agricultural trade deals, not just oil contracts. The bank’s expo is a platform for those conversations, as our coverage of Africa: The New Scramble tracks across the continent.
Who gains and who loses
Processors and exporters with access to finance stand to gain most from a value-chain push. Smallholder farmers could benefit if financing and market access reach them directly.
Import-dependent food businesses may face more competition as local processing expands. Oil-linked revenue streams, meanwhile, would become relatively less central to Nigeria’s economic story.
The bank itself gains by deepening relationships with a growing client segment. Its expo brand, now in its fifth edition, gives FirstBank visibility in a policy area that Abuja is prioritising.
What to watch next
The immediate test is whether the connections made at the Lagos expo translate into signed financing deals and export contracts. FirstBank has not published a target for lending volumes tied to the event.
Investors should watch for follow-up announcements on partnerships, processing facilities and export logistics. The next milestone will be whether the 4.1% export share moves higher in official trade data.
For now, the message from FirstBank is that agriculture and exports are no longer a side conversation. They are central to how Nigeria plans to earn foreign exchange beyond oil.
Frequently Asked Questions
What did the FirstBank CEO say about Nigeria economic diversification?
FirstBank Group CEO Olusegun Alebiosu said agriculture and exports are critical to Nigeria’s economic diversification, speaking at the bank’s 5th Agric & Export Expo in Lagos on 16–17 August 2026.
How much does agriculture contribute to Nigeria’s exports?
Agriculture contributes over 20% of Nigeria’s gross domestic product but only 4.1% of merchandise export earnings, according to FirstBank and speakers at the expo.
What is the purpose of the FirstBank Agric & Export Expo?
FirstBank says the expo, launched in 2017, is built to support agricultural value chains from production to processing and export, and to create connections, partnerships and financing solutions.
Connected Coverage
Sources
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error
LatAm Markets: Live Signals → — real-time movers, turnover leaders and FX across Latin America.
Read More from The Rio Times