By Cynthia Alo For more than five decades, crude oil has remained the dominant pillar of Nigeria’s economy, displacing agriculture from the position it once occupied as the country’s major source of revenue and foreign exchange. However, with the global shift towards cleaner energy and growing concerns over the sustainability of oil dependence, experts are urging Nigeria to return to agriculture — not merely as a subsistence activity, but as a competitive export-driven industry capable of generating foreign exchange, creating jobs and strengthening the economy. They argue that Nigeria’s agricultural potential remains largely untapped because the country continues to export mostly raw commodities instead of processing them into finished products that attract higher global value. Oil Still Dominates Export Earnings Despite Growing Non-Oil Opportunities Data from the National Bureau of Statistics (NBS) highlights the scale of Nigeria’s dependence on crude oil. In the fourth quarter of 2025, crude oil exports stood at N9.70 trillion, representing 51.17 per cent of Nigeria’s total exports valued at N18.96 trillion. During the same period, non-crude oil exports accounted for N9.26 trillion, while non-oil products — including agricultural commodities, manufactured goods, solid minerals and others — contributed N3.14 trillion. Agricultural exports alone were valued at N1.323 trillion, accounting for about 42 per cent of Nigeria’s non-oil product exports during the quarter. The trend continued into the first quarter of 2026, when crude oil exports rose to N11.20 trillion, representing 52.92 per cent of total exports valued at N21.17 trillion. Non-crude oil exports stood at N9.97 trillion, while non-oil products contributed N3.19 trillion, with agricultural exports accounting for N1.172 trillion. Although agriculture remains a significant contributor to non-oil exports, experts insist the sector’s performance is still far below its potential. Raw Commodity Exports Limiting Nigeria’s Earnings The NBS data shows that Nigeria’s agricultural export earnings are still driven mainly by unprocessed commodities. Superior Quality Cocoa Beans topped the export list at N596.90 billion, followed by Sesamum Seeds valued at N153.78 billion, Soya Beans excluding seeds at N129.27 billion, Cashew Nuts in Shell worth N119.76 billion, and Soya Bean Flour and Meals valued at N53.20 billion. Asia emerged as the largest destination for Nigeria’s agricultural exports, receiving products worth N529.45 billion, followed closely by Europe with N500.34 billion. The Netherlands, Belgium, India and Canada were among the leading export destinations. Experts, however, argue that Nigeria loses significant revenue by exporting raw materials instead of processing them locally into finished goods such as chocolate, cocoa butter, packaged foods and industrial products. FG Moves to Improve Livestock Export Potential The Federal Government has begun implementing reforms aimed at positioning agricultural commodities, particularly livestock products, for international markets. The Minister of Livestock Development, Idi Maiha, recently disclosed that the ministry was developing a national animal identification and traceability system to improve Nigeria’s readiness for red meat and animal protein exports. According to him, the system will strengthen product traceability, improve compliance with international sanitary standards and enable Nigerian livestock products to access premium markets. The ministry is also working on policies to improve access to quality breeding stock, animal feed, certification and quality assurance systems across the livestock value chain. The Director of Press and Public Relations in the ministry, Mrs Henrietta Okokon, told Vanguard that Nigeria was already one of Africa’s major exporters of animal-origin products such as bones, hooves and cow horns to China. She said exporters could also explore opportunities in products such as bile acids and other industrial livestock derivatives used in pharmaceuticals and manufacturing. “The Ministry maintains strict inspection, certification and quality assurance processes to ensure compliance with required sanitary and technical standards. Only facilities that have been inspected and certified are registered and issued export permits,” she said. Okokon added that the ministry was encouraging processors to convert raw livestock by-products into higher-value commercial products to increase export earnings and create employment opportunities. Agriculture Must Connect With Energy, Finance, Technology — Olu
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