Int’l group says Nigeria spends $10bn annually on food, agric import

Nigeria relies on $10bn of imports to meet its food and agricultural production shortfalls, according to the International Trade Administration.

This remark was made by the Deputy Managing Director Ken Aghoghovbia while highlighting the challenges faced by the agricultural sector like flooding, desertification, conflicts between herdsmen and local farmers, inadequate access to financing, and low-utilization of modern technology.

According to him, these issues have stifled productivity and created a gap between local food supply and demand, leading to increased food imports. The Africa Reinsurance Corporation Agriculture Workshop in Lagos aimed to facilitate collaboration among key industry players.