Wheat, fish top chart as Nigeria spends $10bn on imports annually

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.”

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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.

Ruth Tene Natsa

Ruth Tene, Assistant Editor, Agric/Solid Minerals/INEC Ruth Tene is an award-winning journalist with over 15 years experience in developmental reporting across several newsrooms, as a reporter, editor and other managerial roles. She holds a Postgraduate Diploma in Journalism from the University of Maiduguri among several other certifications She has attended several trainings and certifications both locally and internationally and has been recognized for her impactful work in humanitarian reporting, receiving the Gold Award for Humanitarian Services from the Amazing Grace Foundation. She is also a recipient of the Home Alliance Fellowship, reflecting her commitment to fostering a more humane, safer and more sustainable planet. An active member of professional journalism bodies, Ruth is affiliated with the Nigeria Union of Journalists (NUJ), the National Association of Women Journalists (NAWOJ), and the Agricultural Correspondents Association of Nigeria (ACAN), where she continues to advocate for excellence, ethical reporting, and development-focused journalism.