Nigeria Spends $10bn On Food Imports Annually, Says Minister

Nigeria spends over $10 billion every year on food imports, including wheat, rice, sugar, fish, and even tomato paste, according to the Minister of Agriculture and Food Security, Abubakar Kyari.

Kyari disclosed this on Tuesday in Lagos at the First Bank of Nigeria Ltd. 2025 Agric and Export Expo. Represented by his Special Adviser, Ibrahim Alkali, the minister described the rising dependence on food imports as unsustainable and called for stronger financing in agriculture to drive local production and boost exports.

“Agriculture already contributes 35 percent to our GDP and employs the same percentage of our workforce. We have 85 million hectares of arable land and a youthful population, with over 70 percent under 30 years old. Yet Nigeria accounts for less than 0.5 percent of global agro-exports and earns less than $400 million from the sector,” Kyari said.

He stressed that President Bola Tinubu’s administration remains committed to achieving food sovereignty, which he described as essential to reducing dependency on foreign food supplies. “Food sovereignty means ensuring no Nigerian goes hungry due to global supply shocks. It means empowering every community to thrive on our land, our people, and our productivity,” he added.

According to him, scaling up domestic food production and supporting exports must go hand in hand. He noted that while the country has the land, labour, and market, what is lacking are financing systems, infrastructure, and value addition that can transform potential into real prosperity.

Kyari urged a shift from reliance on oil revenues to resilience in agriculture and agribusiness. He emphasized innovative financing mechanisms such as performance-based agricultural funding, revenue-sharing, factoring forward contracts, and Pay-as-Harvest schemes as proven models that could strengthen food security in Nigeria.

“Nigeria can do better if we embrace critical thinking and adopt tested strategies that are already working in other economies,” he said.