Nigeria Must Move Away From Overdependence On Oil — Sanwo-Olu

Lagos State Governor, Babajide Sanwo-Olu, has reiterated the urgent need for Nigeria to diversify its economy and reduce its overreliance on oil, calling for a strategic shift towards agriculture, value addition, and non-oil exports.

Speaking at the First Bank 2025 Agric and Export Expo held in Victoria Island, Lagos, on Tuesday, the governor emphasised that Nigeria must fully harness its agricultural potential to create sustainable wealth and job opportunities.

“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 overdependence on oil and build a resilient economy that is anchored on productivity, value addition, and competitiveness in non-oil exports,” Sanwo-Olu declared.

Sanwo-Olu highlighted that while Nigeria’s agricultural production has been on the rise, the country continues to lose significant value by exporting mostly raw commodities rather than processed and packaged goods.

“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.

“Global marketplace is not waiting for Nigeria. Other African countries are aggressively positioning their agricultural products, securing market share, and driving investments into agribusiness. For Nigeria to take its rightful place, we must be intentional, strategic, and relentless in pursuing non-oil export growth.” he said.

He also stressed the need for greater access to finance for local farmers and agribusinesses, describing it as a major barrier to Nigeria’s export competitiveness.

Governor of Niger State, Umar Bago, also addressed the expo, aligning with Sanwo-Olu’s call for value addition in agriculture.

Bago announced that Niger State would increase the size of land dedicated to Lagos State’s agricultural production from 20,000 hectares to 100,000 hectares, in a bid to boost food supply and agro-industrial cooperation.

Bago further revealed plans to halt the transportation of live animals to Lagos, replacing it with the supply of frozen, processed meat to reduce waste and increase economic value.

“We have started looking at the possibility of stopping supply of live cows to Lagos market. I will terminate supplies of cows and goats coming to markets in Lagos and Ogun states at Mokwa, so that the animal wastes won’t be littering your states again.

“We will process the meat from Niger State and just bring down frozen meats to the market. This is how Niger State farmers can fully appreciate the economic opportunities they create in cattle rearing,” he said.

The event, themed “The Fundamentals of Building an Export-Driven Economy,” brought together policymakers, investors, farmers, and entrepreneurs to discuss strategies for repositioning Nigeria’s economy through agribusiness and exports.

Nigeria Must Move Away From Overdependence On Oil — Sanwo-Olu is first published on The Whistler Newspaper