Nigeria is spending over $10 billion annually on food imports, despite vast arable land and a youthful population, Agriculture and Food Security Minister Abubakar Kyari said on Tuesday.
Addressing the First Bank of Nigeria Agric and Export Expo in Lagos, Kyari lamented the country’s dependence on imported staples, ranging from wheat and rice to sugar, fish and even tomato paste. He argued that the trend threatens food sovereignty and undermines efforts to diversify the economy.
Represented by his Special Adviser, Ibrahim Alkali, the minister said that while agriculture contributes 35% to GDP and employs more than a third of the workforce, Nigeria earns less than $400 million from agro-exports and accounts for under 0.5% of global agricultural trade.
“Boosting local production and supporting exports are not separate agendas – they are two sides of the same coin,” Kyari said. “We have the land, labour and markets, but we lack the financing systems, infrastructure and value-addition mechanisms to turn potential into prosperity.”
He reiterated President Bola Tinubu’s pledge to pursue food sovereignty, reducing Nigeria’s exposure to shocks in global food supply chains. Kyari urged financial reforms such as structured farmer credit, forward contracts and innovative funding models to expand investment in agriculture and encourage youth participation.
“These are not abstract theories. They are already working in other economies,” he said, insisting that Nigeria must rethink how agriculture is financed if it is to move from oil dependency to sustainable growth.
