Abuja: The Abuja Chamber of Commerce and Industry (ACCI) has highlighted agriculture as a key sector capable of lifting millions of Nigerians out of poverty and driving economic growth. Prof. Adesoji Adesugba, First Deputy President of ACCI, stated this during a press briefing in Abuja ahead of the Agricultural Mechanisation and Export of Quality Products in Africa (AGROMEQA Expo 2026), scheduled for October 15-16.
According to News Agency of Nigeria, Adesugba underscored the necessity for robust policies and investments to enhance the agriculture sector. He noted that agriculture contributed approximately 23.16 percent to Nigeria’s real Gross Domestic Product (GDP), illustrating its significance to national economic development. The sector produced N11.87 trillion in real economic output in the first quarter of 2026, up from N11.51 trillion in the same period of 2025, with a year-on-year growth of 3.15 percent compared to 0.07 percent in 2025.
Adesugba emphasized the potential of agriculture to respond positively under improved conditions and appropriate policies, particularly highlighting crop production, which generated around N8.9 trillion in the first quarter of 2026. He remarked on agriculture’s multiplier effect, capable of alleviating poverty for millions. Over the past five years, the sector has created substantial wealth, turning numerous investments across agricultural value chains into lucrative ventures, including palm oil production, which he identified as a profitable investment area.
He stressed the urgency for Nigeria to expand agricultural production to meet the increasing food demand driven by a rapidly growing population, cautioning against reliance on imports. Adesugba pointed out the need for Nigeria to enhance domestic food production and exports, warning against the consequences of food insecurity.
Adesugba also mentioned that ACCI and its partners are actively promoting initiatives to boost agricultural investment, productivity, and sector development. The upcoming expo is among these initiatives, intended to contribute to the sector’s growth. However, he identified insecurity as a significant challenge to agricultural production and investment, urging for continued collaboration among government, the private sector, and other stakeholders to address this issue and ensure national food security.