Nigeria Spends $10bn Annually on Food Imports – FG

 

Nigeria spends around $10 billion every year importing food items such as wheat, rice, sugar, fish, and even tomato paste, according to the Minister of Agriculture and Food Security, Senator Abubakar Kyari.

Speaking at the First Bank of Nigeria Agric and Export Expo in Lagos, the minister—represented by his Special Adviser, Mr. Ibrahim Alkali—expressed concern over the rising volume of agro-imports and underscored the urgent need for innovative financing to boost domestic production and exports.

Kyari noted that agriculture contributes 35% to Nigeria’s GDP and employs 35% of the workforce. Yet, despite having 85 million hectares of arable land and a predominantly young population—over 70% under the age of 30—Nigeria earns less than $400 million annually from agricultural exports, representing under 0.5% of global trade.

“To build a strong non-oil export economy, we must rethink how we finance agriculture,” Kyari said.

He reaffirmed the Tinubu administration’s commitment to food sovereignty, stressing that Nigeria must reduce its dependence on imports and ensure no citizen goes hungry due to global supply chain disruptions.

“Every community must thrive on the strength of our land, our people, and our productivity. Boosting domestic production and building support for exports are two sides of the same coin,” he added.

Kyari highlighted the nation’s abundant land, labour, and market opportunities but warned that weak financing systems, limited value addition, and inadequate infrastructure continue to hinder growth. He called for a shift from oil dependence to a resilient agricultural economy, advocating structured financing systems that attract investment rather than fragmented credit schemes.

He also urged greater youth participation in agribusiness and proposed mechanisms that link agricultural funding to performance outcomes.

“Nigeria can achieve more if we strengthen systems such as revenue sharing, forward contracts, and Pay-as-Harvest models. These are not abstract ideas—they are already succeeding in other economies,” Kyari said.