Former presidential aspirant Gbenga Olawepo-Hashim has raised concerns about the deteriorating state of Nigeria’s economy, warning that nearly every sector is struggling, with agriculture bearing the brunt of the crisis.

Speaking on Monday during an interview on Arise Television’s Prime Time, Olawepo-Hashim estimated losses in the agricultural sector at around $5 billion over the past two years. He attributed the decline to government policies that artificially depressed agricultural product prices and promoted massive food importation.

“When they over-devalued the naira, it meant that herbicides and other imported agricultural inputs went up over 100 percent. Technically, that pushed prices higher,” he said.

He further explained that the government’s strategy to show falling food prices by allowing large-scale food imports worsened the situation, compounding existing challenges caused by low productivity and persistent insecurity.

“So, nearly every sector of the Nigerian economy has collapsed in the Gross Domestic Product (GDP),” Olawepo-Hashim said, urging urgent policy reforms to stabilize the nation’s economy and revive critical sectors like agriculture.