Nigeria Spends $10bn Annually on Agro Imports, Earns Only $400m from Exports – FG

• Nigeria spends over $10 billion annually on food imports but earns less than $400 million from agricultural exports, highlighting imbalance

• Stakeholders call for increased financing, value addition, and diversification to boost local agriculture and strengthen non-oil export sector

Nigeria spends over $10 billion annually importing food items, but earns less than $400 million from agricultural exports, according to the Federal Government.

Minister of Agriculture and Food Security, Abubakar Kyari, revealed this on Tuesday at the FirstBank of Nigeria 2025 Agric and Export Expo in Lagos.

Represented by his Special Adviser, Ibrahim Alkali, the minister expressed concern over the imbalance and stressed the need to scale up investment in local agriculture to boost exports.

He noted that the country spends heavily importing staples such as wheat, rice, sugar, fish, and tomato paste, despite having vast agricultural potential.

“Agriculture already contributes 35% to our GDP and employs about 35% of our workforce. Nigeria sits on 85 million hectares of arable land and has a youthful population, yet we account for less than 0.5% of global exports,” Kyari said.

He emphasised that achieving food sovereignty is central to President Bola Tinubu’s administration and called for improved financing for farmers.

Also speaking, Governor Umaru Bago of Niger State, described as the “farmer governor,” reaffirmed his commitment to agricultural investment in line with the president’s food security agenda.

He urged Nigerians to see agriculture as a viable business, while encouraging FirstBank and other financial institutions to expand support for farmers.

On his part, Lagos State Governor, Babajide Sanwo-Olu, highlighted the urgent need for Nigeria to diversify its economy.

He emphasised that dependence on oil, volatile global markets, foreign exchange pressures, and rising import bills necessitate the development of a productive and competitive non-oil export sector.

With agriculture already playing a key role in the economy, stakeholders at the event agreed that increased investment, financing, and value addition remain crucial to reducing imports and boosting Nigeria’s export earnings.