Nigeria Spent Over N7.8trn On Food Importation In Six Years

Must Try

Despite being touted as the food basket of Africa, Nigeria has spent over N7.8 trillion in the past six years on food import.

The staggering sum, experts say, is a clear demonstration that the Nigerian government is yet to put the nation on the right path of eradicating hunger by 2030 as stipulated by the United Nations Sustainable Development Goals (SDGs).

According to the National Bureau of Statistics (NBS), over N1.9 trillion worth of food imports business transactions were conducted in 2022 as against the N2 trillion expended on food importation in 2021.

In 2020, the country imported N1.2 trillion worth of agricultural products and imported over N959 billion food products in 2019. Nigeria also imported N857.6 billion and N886.8 billion worth of food products in 2018 and 2017 respectively.

Meanwhile, Nigeria’s food import bill has been on the rise in recent years. In 2022, a total of N1.9 trillion worth of food products were imported into the country. The value of food imports in the second quarter of 2022 stood at N464.45 billion, showing an increase when compared to the value recorded in the previous quarter.

According to a report by the Central Bank of Nigeria (CBN), Nigeria’s food import bill jumped by 45 per cent to $2.71 billion (N1.12tn) in 12 months.

The rise in food prices in sub-Saharan Africa, is partly due to global factors, as the region imports most of its top staple foods.

The high food import bill is a concern for Nigeria’s economy. The country has a large agricultural sector, and there have been efforts to boost local production to reduce the dependence on food imports. However, factors such as inadequate infrastructure, insecurity, and climate change have hindered progress in the sector.

- Advertisement -spot_img


Please enter your comment!
Please enter your name here

- Advertisement -spot_img

Latest Recipes

- Advertisement -spot_img

More Recipes Like This

- Advertisement -spot_img