Lagos, Nigeria — August 20, 2025
Story:
Nigeria’s Minister of Agriculture and Food Security, Abubakar Kyari, on Tuesday decried the country’s rising food import bill, warning that excessive reliance on foreign foodstuffs is undermining economic stability.
Speaking at the FirstBank Agric and Export Expo 2025, held at the Eko Convention Centre, Victoria Island, Lagos, the minister represented by his Special Adviser, Ibrahim Alkali claimed that Nigeria spends over $10 billion annually importing food items such as wheat, rice, sugar, fish, and tomato paste. He urged stronger financing in the agricultural sector to boost local production and exports.
However, official statistics tell a more restrained story. According to the National Bureau of Statistics (NBS), agricultural imports for 2024 totaled between ₦3.8 trillion and ₦4.1 trillion, equivalent to about $2.5–$4 billion depending on exchange rates. Industry estimates further show that fish imports average $0.8–$1.2 billion annually, while wheat imports, though significant, still do not push the aggregate near the $10 billion mark.
The minister’s remarks are consistent with concerns about food dependency but the $10 billion figure remains unsubstantiated against available government trade data. Analysts note that unless a broader basket of agro-related products or a different valuation method was used, the claim appears overstated.
What’s Verified:
Minister Abubakar Kyari’s remarks at the FirstBank Agric and Export Expo, Lagos, Aug. 19, 2025.
NBS data showing agricultural imports worth ₦920.5 bn in Q1 2024, ₦893.3 bn in Q2 2024, and ₦1.09 trn in Q4 2024.
Current projections from industry sources placing fish imports near $1 billion annually and wheat imports at roughly 6.1 million metric tonnes in 2025/26.
While the minister’s call for increased agricultural financing is grounded in real challenges, the headline claim of a $10 billion food import bill does not align with Nigeria’s most recent official trade data.