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librastudiostockholm

@librastudiostockholm

2 years ago
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Posted On: September 4th 2024, 08:43 am
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🦋Libra Studio is now live on thefairnest.com🦋

Model: Abigail Owusu, Photographer: Liz Plässer
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ekobruden 2 years ago

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Nigeria Spends Just $1.19 Billion On Food Imports In Six Months Despite Push For Local Production — CBN Nigeria spent $1.19bn on food imports between January and June 2026, marking an 11.41 per cent increase from the $1.07bn recorded during the same period in 2025, despite efforts to encourage local food production. An analysis of the Central Bank of Nigeria’s (CBN) second-quarter 2026 Statistical Bulletin showed that foreign exchange spent on food imports increased in five of the six months reviewed, with February being the only month that recorded a decline. Food import spending fell by 2.57 per cent in the first quarter, from $550.79m in 2025 to $536.65m in 2026. However, expenditure rose by 26.38 per cent in the second quarter, climbing from $514.34m to $650m. The President of the Association of Small Business Owners of Nigeria, Femi Egbesola, blamed the country’s reliance on imported food partly on insecurity and outdated agricultural practices. “Most of the farmers are no longer on the farms because of insecurity. Many farmlands have been deserted,” Egbesola said, explaining that abandoned farms disrupt the supply of raw materials needed by manufacturers. He called for modern farming equipment, improved technology and mechanisation to increase productivity. Meanwhile, the Emir of Kano, Muhammadu Sanusi, warned that allowing food imports, including Thai rice, had weakened local rice mills and left banks with bad loans linked to agricultural investments. Although imports helped reduce food prices following the removal of the petrol subsidy, Sanusi said the policy had undermined local production and threatened long-term food security. He urged the government to support low-income households without exposing Nigerian farmers and businesses to overwhelming competition from imported products.
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