Nigeria loses real wealth, jobs exporting raw commodities to global market – Sanwo-Olu
- As Niger State crops out 100,000 hectares for Lagos to raise food production
Nigeria’s agricultural produce is ripe for export competitiveness at the global market, but access to finance for local farmers to meet the demand and quality needs remains the main drawback impeding the pathway of local crops from getting to global supermarkets, according to the Lagos State Governor Babajide Sanwo-Olu.
Governor Babajide Sanwo-Olu made this assertion at the First Bank 2025, Agric and Export Expo with the theme: “The Fundamentals of Building an Export-Driven Economy” held at the Eko Hotels and Suites, Victoria Island, on Tuesday.
The Governor said despite Nigeria’s improving crop production, the nation’s share of agricultural exports in global market share remained far below what it should be, adding that the nation only exported raw commodities rather than finished products, thereby losing out on the real wealth and jobs that could come from processing, packaging, and branding of products.
The event brought together policymakers, investors, producers, and entrepreneurs on the discussion table to chart a course for diversification of Nigeria’s economy through agriculture and exports.
Sanwo-Olu said agriculture had provided the nation with immense opportunity to grow its GDP, noting that Nigeria was not only blessed with arable land, but also an energetic young with resilient entrepreneurial spirit.
The Governor highlighted that this has made it imperative for the country to fully harness its agrarian resources and move its economy away from over dependence on oil, while building a resilient economy that would be anchored on productivity, value addition, and competitiveness in non-oil exports.
Sanwo-Olu said: “The economic realities confronting us today, from the volatility of global oil prices, to the pressures on foreign exchange, to the rising cost of imports, point to a single truth: Nigeria must urgently broaden its economic base. We must move away from over independence on oil and build a resilient economy that is anchored on productivity, value addition, and competitiveness in non-oil exports.
“In Lagos, we have continued to invest heavily in infrastructure, including roads and bridges that connect farms to markets, to the modernisation of our ports and waterways, to digital platforms that simplify trade processes. But infrastructure alone is not enough. Export competitiveness requires access to finance. Too often, we export raw commodities rather than finished products, thereby losing out on the real wealth and jobs that come from processing, packaging, and branding.”