Importation of food rises to almost N2 trillion
Food importation has risen despite CBN’s efforts to promote local market.
The Central Bank of Nigeria’s efforts to bring up the agricultural output for an insurance of food security to Africa’s highest populated nation has been monopolised by the recent food importation figures. In 2020 the level rose from N1.19 trillion to N1.97 trillion in 2021, amassing a 42 percent increase.
This is in contrast with Nigeria’s agricultural export earning N504.89 billion in 2021, 57% more than the year previous (N321.54 billion), and 87% from 2019 where it came to N268.83 billion.
This meant a deficit of N1.46 trillion, according to figures released by the National Bureau of Statistics (NBS).
Agriculture has been the largest economic sector at 25.9% of GDP (Gross Domestic Product) in 2021, at an estimated value of N18.74 trillion, but still doesn’t meet the demand locally so cannot be meeting export needs.
The growth is still lower than the year previous, being at 2.14% whereas then it hit 2.17% in 2020.
The latest CBN Monetary Police Committee (MPC) information said the apex bank intervened in manufacturing/industries, agriculture, energy/infrastructure, and healthcare, and other sectors.
Over November and December 2021, the CBN spent N75.99 billion to help the farming of over 383,000 hectares of maize, rice, and wheat under the Achor Borrowers’ Programme (ABP).
Overall that put the full amount spent to N927.94 billion to over 4.5 million farmers for 21 cultivation projects across the country.
Two larger scale projects were financed by the CBN, where they released N1.76 billion under the Commercial Agriculture Credit Scheme (CACS).
Trade internationally rose 58 per cent to N39.8 trillion in 2021, largely driven by imports worth N20.84 trillion; 64 per cent higher than N12.7 trillion in 2020. Exports rose 51 per cent to N18.91 trillion.
Foreign trade deficit grew to N1.94 trillion from N178.3 billion in 2020.
The rise in Crude oil export was 53 per cent to N14.41 trillion, from N9.44 trillion in 2020.
Non-crude oil export fetched N4.49 trillion, 46 per cent higher than N3.08 trillion in 2020.
Source: Niche, March 2022
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