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Nigeria Imports Food Worth N1.97 Trillion in 2021 – NBS

Despite moves to massively increase food production and reduce dependence on importation, data from the National Bureau of Statistics (NBS) on foreign trade has revealed that agro-food commodities worth N1.97 trillion were imported in 2021.

Also, proceeds from Nigeria’s agricultural exports increased by 57.02 per cent to N504.9 billion in 2021, up from the N321.5 billion recorded in 2020 with cocoa, sesame seed and cashew nut as top export commodities.

The report read, “Nigeria’s agricultural trade imbalance reached its greatest level in 2021, resulting in a N1.94 trillion negative balance in the year under review, as the country’s import bill increased to N20.8 trillion from N18.9 trillion in exports.

“The trade deficit in agriculture accounts for 74.3 percent of Nigeria’s trade imbalance.”

Meanwhile, AgroNigeria had reported that the United Nations (UN) has listed Nigeria among the countries with the most food-insecure population, caused by protracted conflicts and other factors.

The UN in its Global Report on Food Crisis warned that the situation might worsen adding that the number of people who cannot afford enough to eat daily reached an all-time high in 2021.

“Today if more is not done to support rural communities, the scale of the devastation in terms of hunger and lost livelihoods will be appalling. Urgent humanitarian action is needed on a massive scale to prevent that from happening,” the agency said.

The post Nigeria Imports Food Worth N1.97 Trillion in 2021 – NBS first appeared on AgroNigeria.

Sourced from Agro Nigeria

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