Nigeria Spends $10bn on Food Imports in 2023, $3bn on Grains Alone

Nigeria's spending on food imports totaled $10 billion in 2023, with $3 billion spent specifically on grain imports, according to Prof. Banji Oyelaran-Oyeyinka, Senior Special Adviser on Industrialisation at the African Development Bank Group (AfDB). Speaking at the 2024 Agriculture Summit Africa in Abuja, Oyelaran-Oyeyinka highlighted the need for increased domestic food production, particularly in light of Nigeria's substantial natural resources, including extensive water bodies and arable land.

The summit, organized by Sterling Bank, emphasized Nigeria's untapped agricultural potential. Despite the challenges, Sterling Bank's CEO, Abubakar Suleiman, underscored the importance of financing for farmers, pledging $33 million in funding at low interest rates to support women in agriculture.

Oyelaran-Oyeyinka noted that over 60% of Nigerians' income is spent on food, one of the highest rates globally, emphasizing that political stability and security are essential for agricultural revival.

Nigeria's industrial sector's GDP contribution has declined from over 15% in past decades to around 5%, underscoring the need for investments in agricultural production and processing.

Suleiman also highlighted the need for collaboration among stakeholders to strengthen the food supply chain, advocating for unified action to address challenges like low agricultural yields and post-harvest losses.

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