Nigeria spends over $10 billion every year importing key food items such as wheat, rice, sugar, fish, and even tomato paste, despite its vast agricultural potential, Minister of Agriculture and Food Security, Abubakar Kyari, has disclosed. Speaking in Lagos on Tuesday at the First Bank of Nigeria Ltd. 2025 Agric and Export Expo, the minister, represented by his Special Adviser, Ibrahim Alkali, described the trend as unsustainable and a major drain on the nation’s economy.
Kyari noted that although agriculture contributes about 35 percent to Nigeria’s Gross Domestic Product (GDP) and employs a similar proportion of the country’s workforce, the nation still accounts for less than 0.5 percent of global agro-exports. He lamented that Nigeria earns less than $400 million from agricultural exports annually, even with its 85 million hectares of arable land and a youthful population of over 70 percent under 30 years. According to him, financing and structural reforms are urgently needed to unlock the sector’s full potential.
The minister stressed that President Bola Tinubu’s administration is prioritising food sovereignty as a core national objective. He explained that achieving food sovereignty goes beyond self-sufficiency to securing Nigerians against global supply shocks, empowering communities to leverage local resources, and reducing dependence on imports. “Boosting domestic production and supporting exports are not separate agendas — they are two sides of the same coin,” he said, insisting that a stronger system of financing, value addition, and infrastructure is critical to turn potential into prosperity.
Kyari further highlighted the need to reposition agriculture from its current fragmented model into a structured agribusiness system that can attract significant private capital. He argued that the country must transition “from dependence on oil rigs to resilience in food and export earnings; from raw commodity exports to value-added agribusiness; and from stereotypes to active youth participation in agriculture.” This, he added, would open new opportunities for farmers and agro-entrepreneurs while strengthening Nigeria’s position in the global food market.
Calling for bold reforms, the minister urged stakeholders to embrace innovative mechanisms such as agricultural financing with performance triggers, forward contracts, Pay-as-Harvest schemes, and improved revenue-sharing frameworks. According to him, these models are not theoretical but proven approaches that have worked successfully in other economies. He maintained that with the right policies, financing structures, and critical thinking, Nigeria can reverse its dependence on food imports and build a resilient agricultural economy capable of feeding itself and competing globally.
