Nigeria Spends $10 Billion Annually on Food Imports, Minister Laments
Nigeria Spends $10 Billion Annually on Food Imports, Minister Laments
Nigeria's Minister of Agriculture and Food Security, Abubakar Kyari, has revealed that the country spends an estimated $10 billion annually on food imports. The Minister, who was represented by his Special Adviser, Mr. Ibrahim Alkali, made the statement at the First Bank of Nigeria Ltd. 2025 Agric and Export Expo in Lagos.
Key details from the Minister's statement:
Top Imports: The Minister highlighted that a significant portion of the import bill is dedicated to commodities like wheat, rice, sugar, fish, and tomato paste.
The Paradox: Despite this huge import bill, Nigeria has vast agricultural potential. The Minister noted that agriculture contributes 35% of the country's GDP and employs 35% of its workforce. Nigeria has 85 million hectares of arable land and a youth population with over 70% under the age of 30. Yet, the nation accounts for less than 0.5% of global agro-exports, earning less than $400 million from the sector.
A Call to Action: The Minister stressed the urgent need for increased financing in agriculture to boost local production and exports. He emphasized that President Bola Tinubu's "Renewed Hope Agenda" prioritizes achieving food sovereignty.
Government's Goal: The overarching goal is for Nigeria to not only feed itself but to do so on its own terms, free from excessive dependency on imports. The Minister stated that food sovereignty is a matter of ensuring that no Nigerian goes hungry because of shocks in global food supply chains.
Proposed Shift: The Minister outlined a plan to pivot the economy from its reliance on oil to resilience in food and export earnings. This includes a shift from exporting raw commodities to value-added agribusiness and from fragmented farmer credit to structured financial systems that can attract significant capital.
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