At the First Bank of Nigeria Agric and Export Expo in Lagos, Sen. Abubakar Kyari, Minister of Agriculture and Food Security, represented by his Special Adviser, Mr. Ibrahim Alkali, revealed that Nigeria spends $10 billion annually on food imports, including staples like wheat, rice, sugar, fish, and tomato paste.
Highlighting the need for innovative financing to bolster local production and exports, Kyari described the high import dependency as unsustainable.
Despite agriculture contributing 35% to Nigeria’s GDP and employing 35% of its workforce, the country earns less than $400 million yearly from agro-exports, accounting for under 0.5% of global exports.
With 85 million hectares of arable land and a youthful population (over 70% under 30), Nigeria has vast potential but lacks adequate financing, infrastructure, and value-addition systems.
Kyari highlighted the Tinubu administration’s push for food sovereignty, emphasizing self-sufficiency to shield Nigerians from global food supply shocks.
“Food sovereignty means no Nigerian goes hungry due to external disruptions. Our land, people, and productivity must drive thriving communities,” he said.
He advocated for a shift from oil dependency to agricultural resilience, proposing structured financial systems over fragmented credit schemes and highlighting models like revenue sharing, forward contracts, and Pay-as-Harvest already successful elsewhere.
The minister also called for greater youth involvement in agribusiness and performance-linked agricultural policies to transform Nigeria’s agricultural potential into economic prosperity.
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