By Cynthia Alo

Foreign firms may be dominating Nigeria’s agriculture value chain across key segments including livestock feed, agrochemicals, dairy and food processing, according to an expert.

The concern was raised by some stakeholders in the agric sector during the 2026 Africa-Agri Business Summit held recently in Oyo state and organised by Farm Dev Consult with the theme, “Transforming Africa’s agricultural landscape: driving profitability, sustainability and food security.”

Chief Executive Officer of Melona Farms, Alfred Okani, disclosed that foreign-owned firms often adopt a strategy that allows them to test markets, build consumer confidence and eventually scale operations using cheaper foreign capital.

He said: “They mobilise funds in their country where interest rates are between three and seven per cent, compared to what we pay locally. Once they have tested the market and proven its viability, they set up a proper base funded by Nigeria’s money and capital markets while repatriating their profits.”

He noted that multinational companies control significant portions of the agricultural inputs including livestock feed, agrochemical and veterinary medicine markets, while many Nigerian businesses remain focused on producing raw commodities.

Convener and Managing Director of FarmDev Consult, Mr. Samuel Oluwatobi, urged Nigerians to see agriculture as a business opportunity rather than a subsistence activity. He said Africa’s growing population and rising food demand provide opportunities for investment across production, processing, logistics and storage.

He advised farmers and agripreneurs to focus on financial planning, record keeping, risk management, scaling operations and value addition, adding that wealth creation in agriculture comes from understanding the business side of the sector.

Also speaking, Executive Adviser to the Oyo State Governor on Finance, Budget and Economic Planning, Alhaji Gafar Bello, said agriculture could drive economic growth, create jobs and support industrialisation if Nigeria prioritises processing, packaging and agro-allied industries.

Bello, who represented the governor at the summit, said farmers lose significant income by selling raw produce instead of processed products, stressing that value addition would improve earnings and reduce post-harvest losses.