Nigeria spends an estimated $10 billion every year importing food items such as wheat, rice, sugar, fish, and even tomato paste, according to the Minister of Agriculture and Food Security, Senator Abubakar Kyari.
Speaking at the First Bank of Nigeria Agric and Export Expo in Lagos, Kyari—represented by his Special Adviser, Mr. Ibrahim Alkali—lamented the heavy reliance on food imports despite the country’s vast agricultural potential. He stressed that the situation underscores the urgent need for innovative financing models that can strengthen local food production and boost exports.
The minister highlighted that agriculture currently contributes about 35 percent to Nigeria’s Gross Domestic Product (GDP) and provides employment for an equal percentage of the workforce. He added that Nigeria possesses over 85 million hectares of arable land and a predominantly youthful population, with more than 70 percent of citizens under the age of 30. Yet, the country accounts for less than 0.5 percent of global exports and earns less than $400 million annually from agro-exports.
“To build a strong non-oil export economy, we must rethink how we finance agriculture,” Kyari said, while reaffirming the Tinubu administration’s commitment to achieving food sovereignty.
According to him, food sovereignty means ensuring that Nigerians can feed themselves without depending heavily on imports or being exposed to global supply chain shocks. He noted that every community must thrive on the strength of its land, people, and productivity, adding that increasing domestic food production and building export capacity must go hand in hand.
Kyari emphasised that Nigeria has the land, labour, and market size to transform agriculture into a major source of prosperity, but continues to fall short due to weak financing systems, poor infrastructure, and limited value addition.
He therefore called for a decisive shift from dependence on oil revenues to resilience in agriculture, including a transition from fragmented farmer credit schemes to structured financial systems capable of attracting large-scale investment. ——
The minister also advocated greater involvement of young people in agribusiness, alongside performance-driven financing mechanisms that link agricultural goals with measurable outcomes.
“Nigeria can do better if we improve systems such as revenue sharing, forward contracts, and Pay-as-Harvest models. These are not abstract theories—they are already working in other economies,” he added.
