Nigeria’s Strong Global Ties Heighten Economic Exposure to Geopolitical Tensions
Omolabake Fasogbon
Nigeria will need to brace for deeper fallout from global geopolitical tensions, given its unprecedented integration with global economy, which has left it more exposed than ever.
Managing Director of Financial Derivatives Company Ltd, Bismarck Rewane said Nigeria’s integration into the global economy, estimated at about 60 per cent, up from 5 per cent in 1990, offers some advantages for the agricultural sector, however increases vulnerability to external shocks.
Speaking at the agrofood and plastprintpack Nigeria exhibition and conference in Lagos, themed “Achieving World Class Food Security in Nigeria,” Rewane noted that the country’s global ties mean it now feels the impact of disruptions such as the Strait of Hormuz closure, more acutely than the combined shocks of the 1970s and 1980s.
The conference brought together about 137 exhibitors and stakeholders from countries and Nigerian states to explore partnerships and chart a path for agricultural development.
Despite current pressures, Rewane projected a positive outlook beyond the US Iran crisis, urging structural reforms to maximise local agricultural strengths.
He said Nigeria has the agricultural base, market and human capital to insulate itself from external shocks, but only if policy execution matches ambition.
He said, “Food security is not just about production. It is long term protection and a long term plan.”
Also speaking, President of the Manufacturers Association of Nigeria (MAN), Francis Meshioye warned of escalating global hunger, noting that Africa and Nigeria in particular remain at the centre. He said that reliance on small scale subsistence farming is no longer sufficient.
“To achieve world class food security, Nigeria must prioritise both agriculture and industry. Farming alone is insufficient while millions of tonnes of food remain unprocessed. We must add value to what we produce,” he said.
In a keynote address, Lagos State Governor, Mr. Babajide Sanwo-Olu said the state was intensifying efforts to tackle post-harvest losses and inefficiencies across the agricultural value chain.
Represented by Commissioner for Agriculture and Food Systems, Ms. Ruth Abiola Olusanya, he noted that poor post-harvest management remains a major challenge, costing Nigeria between N3.5 trillion and N5 trillion annually.
Also, the Ambassador of the Kingdom of the Netherlands, H E Bengt van Loosdrecht, highlighted Nigeria’s food trade deficit, with imports estimated at $5.5 billion against exports of $2.3 billion.
“The gap is huge, and it needs to be bridged. Dutch expertise in cold chain logistics and cooperative farming structures could help Nigeria cut waste and boost value addition,” he said.
Earlier, Exhibitor Director of Fairtrade Messe, Freyja Detjen said the event goes beyond showcasing machines and products, but a meeting point for innovation, partnerships and strengthening Nigeria’s food market, projected to hit €222 billion by 2026.
