Persistent gaps in financing, access to inputs, mechanisation, storage and market linkages continue to undermine agricultural productivity in Nigeria, stakeholders said.
They stated this at a press briefing in Lagos announcing the Agriculture Summit Africa 2026, scheduled for September 15 and 16 in Abuja under the theme ‘Building the Next Superpower: Africa’s Food Power Play’, which will focus on translating policy commitments into practical solutions for farmers across the value chain.
Speaking at a press conference, participants acknowledged the federal government’s decision to place food security at the center of its economic agenda and cited the National Agricultural Mechanisation Policy and a 10-year agrifood system strategy aligned with the African Union’s Kampala Declaration as key policy steps.
They noted that “implementation gaps remain. Farmers still struggle to access affordable credit, quality seeds and fertilizers, and equipment needed to scale production. Weak storage facilities and poor logistics networks also contribute to high post-harvest losses, eroding income and limiting the amount of food that reaches markets.”
Speaking, Group head, Agric Finance and Solid Minerals at Sterling Bank, Dr. Olushola Obikanye framed the continent’s food story as a massive economic opportunity, pointing out that Africa holds roughly 60 percent of the world’s uncultivated arable land yet spends tens of billions of dollars every year importing food it could produce itself.
“Food is jobs. Food is trade. Food is foreign exchange, industrial policy, climate resilience, and increasingly, geopolitical power. Hence, the continent that feeds itself and competes globally will hold real strategic weight. That is Africa’s food power play,” he said.
Group executive, Corporate and Investment Banking at Sterling Bank, Dele Faseemo, said agriculture sits at the center of the bank’s HEART strategy.
He noted that Sterling’s financing across the HEART sectors grew by 39 per cent to N331.7 billion in 2025, with agriculture recording one of the sharpest increases.
“When Sterling talks about agriculture, we are speaking as a bank that puts its balance sheet where its convictions are; behind the farmers, processors, off-takers and agribusinesses doing the hard, unglamorous work of turning Nigeria’s land into livelihoods,” Faseemo said.
Principal Country Officer for Nigeria at the International Finance Corporation (IFC), Christian Mulamula, said the focus must shift from production alone to building an enabling ecosystem.
“ASA is a platform for bringing together policymakers, investors, financial institutions, agribusinesses, technology providers, and development partners to accelerate investment and strengthen Africa’s food systems,” Mulamula said.
He added that “at the World Bank Group, we believe that accelerating sustainable development requires public and private sector solutions working together to translate development priorities into investable opportunities.”
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