Abubakar Kyari, Minister of Agriculture and Food Security has decried the high import bill on food, saying Nigeria spends $10 billion annually on agro-imports, including wheat and fish.
The minister, who was represented by Ibrahim Alkali, his Special Assistant at the First Bank of Nigeria 2025 Agric and Export Expo, decried the rising rate of food imports, stressing the need for increased financing in agriculture to boost local production and exports
He said, “Nigeria spends over $10 billion annually importing food such as wheat, rice, sugar, fish and even tomato paste.
“Agriculture already contributes 35 per cent of our Gross Domestic Product and employs 35 per cent of our workforce.
He added Nigeria seats on “85 million hectares of arable land with a youth population of over 70% under the age of 30. Yet, Nigeria accounts for less than 0.5% of global agro-exports
“Currently, the nation earns less than $400 million from agro exports. To build a non-oil export economy, we must rethink how we finance agriculture,” he noted.
Kyari reiterated President Bola Tinubu-led Administration’s commitment to achieving food sovereignty, insisting on the urgent need to scale up agricultural financing.
He said, “President Tinubu has made it clear that food sovereignty is the goal. Nigeria must not only feed itself but do so on its own terms, free from excessive dependency on imports.”
The minister emphasised that sovereignty means ensuring that no Nigerian goes hungry because of shocks in global food supply chains. It means empowering every community to stand on the strength of our land, our people, and our productivity.
“Boosting domestic production and supporting exports are not separate agendas — they are two sides of the same coin.
“We have the land, the labour, and the markets. What we lack is the system of financing, value addition, and infrastructure that can turn potential into prosperity.
“The fundamentals compel us to pivot from dependence on oil rigs to resilience in food and export earnings; from raw commodity exports to value-added agribusiness; from fragmented farmer credit to structured financial systems that attract significant capital; and from stereotypes to active youth participation in agriculture,” Kyari said.
He further emphasised the need for innovative mechanisms and critical thinking to strengthen food security
“Nigeria can do better if we begin to think critically and improve mechanisms such as revenue sharing, agricultural financing with performance triggers, factoring forward contracts, Pay-as-Harvest schemes, and more.
“These are not abstract theories. They are proven models working successfully in real economies,” he added.
