Nigeria's Minister of Agriculture and Food Security, Mr. Abubakar Kyari, has revealed that the nation spends $10 billion every year on importing agric
Nigeria's Minister of Agriculture and Food Security, Mr. Abubakar Kyari, has revealed that the nation spends $10 billion every year on importing agricultural products. This includes staples like wheat, rice, sugar, and fish.
The minister, represented by his Special Adviser, Mr. Ibrahim Alkali, made the announcement at the First Bank of Nigeria's 2025 Agric and Export Expo in Lagos.
Despite agriculture contributing 35% to the country's Gross Domestic Product (GDP) and employing a large portion of the workforce, Nigeria earns less than $400 million from agro-exports.
Mr. Kyari stressed that while the country has vast arable land, a young population, and significant markets, it lacks the necessary financial systems, value addition, and infrastructure to turn its potential into prosperity.
The minister stated that President Bola Tinubu's administration is committed to achieving food sovereignty, which means Nigeria must be able to feed its own people without relying heavily on imports. He emphasized that boosting local production and increasing exports are two sides of the same coin.
To address this challenge, Mr. Kyari called for a critical rethink of how agriculture is financed. He suggested exploring new mechanisms like "Pay-as-Harvest" schemes and forward contracts, which have proven successful in other economies.
The goal is to shift the economy from its dependence on oil to a more resilient one based on food production and exports.
The minister also highlighted the need to attract more youth into the agricultural sector and transition from raw commodity exports to more profitable, value-added agribusiness.
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