FirstBank, policymakers push for strategic agro-capital deployment

The 5th FirstBank Agric & Export Expo in Lagos has brought together stakeholders from the financial and agricultural sectors to discuss the need for a shift towards structured, patient capital to boost Nigeria's agribusiness value chain and drive non-oil export growth. Industry leaders emphasized that traditional short-term commercial loans are inadequate for agricultural financing, stressing the importance of aligning credit structures with planting, harvest, and processing cycles.

Lagos State Governor, Babajide Sanwo-Olu, represented by the Commissioner for Agriculture and Food Systems, emphasized that financial institutions must adapt to the unique operational realities of agribusinesses, warning that raw commodity exports limit economic prosperity. FirstBank CEO, Olusegun Alebiosu, reaffirmed the bank's commitment to supporting the sector by shifting its operational focus to targeted execution and capital deployment, highlighting the macroeconomic potential of agriculture while noting its limited contribution to Nigeria's export earnings.

Brief written by urgent.news from Punch's own syndicated text. Machine-written — may contain errors; check the original before relying on it.