Nigeria spends about $10 billion every year on food imports, including rice, wheat, sugar, fish and even tomato paste. That’s according to Agriculture Minister Abubakar Kyari, who spoke at the First Bank Agric and Export Expo in Lagos.
Mr Kyari, represented by his special adviser, said the trend highlights the urgent need for increased financing of the sector to grow local production and exports. He warned that despite agriculture contributing 35 percent of GDP, Nigeria earns less than $400 million from agro exports.
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The minister said President Tinubu’s administration is prioritising food sovereignty to ensure Nigerians are protected from shocks in the global food supply chain. He stressed that the goal is not just to feed the country, but to do so on its own terms.
He added that Nigeria must shift from dependence on oil revenues to resilience in food and agribusiness, urging reforms in financing systems, infrastructure and youth participation to unlock the country’s full potential.
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