FG moves to reduce food imports, boosts local production

Nigeria is set to significantly reduce its reliance on food imports, according to Finance Minister Wale Edun.

Speaking at a news conference in Abuja to mark the nation’s 64th Independence Day, Edun echoed the need to end Nigeria’s dependence on substantial food imports.

“We should not be importing food,” Edun stated, highlighting the importance of supporting domestic food production and farming.

“It is critical that we do not disrupt domestic production of food by flooding the market with imports. This is not where we should be.”

The minister’s announcement is part of the government’s broader economic recovery strategy, which aims to enhance local agricultural production and improve food security.

Nigeria currently imports a significant portion of its food.

By promoting local agricultural production and reducing reliance on food imports, Nigeria aims to stimulate economic growth, create jobs, and improve food security for its citizens.

This comes as the Central Bank of Nigeria’s data showed that the country spent N903.95 billion on food imports in the first quarter of 2024 alone, as inflation stood at 32.15 percent in August.