The Minister of Agriculture and Food Security, Abubakar Kyari, yesterday disclosed that Nigeria spends $10 billion annually on agro-imports.

This is even as he said Nigeria earns less than $400 million from agro exports.

Speaking on Tuesday at the FirstBank of Nigeria’s 2025 Agric and Export Expo in Lagos, Kyari said the imports include food such as wheat, rice, sugar, fish and tomato paste.

The Minister who was represented by his Special Adviser, Ibrahim Alkali, expressed worry over the rising rate of agro-imports, and stressed the need for more financing of agro activities to boost local exports.

“Nigeria spends over $10 billion annually importing food such as wheat, rice, sugar, fish and even tomato paste.

“Agriculture already contributes 35 percent of our gross domestic product and employs 35 per cent of our workforce.

“We sit on 85 million hectares of urban land with a youth population of over 70 percent under the age of 30, yet Nigeria accounts for less than 0.5 percent of global exports.

“However, Nigeria earns less than $400 million from agro exports, to build a non-oil export economy, we must rethink how we finance agriculture,” he said.

Kyari reiterated the FG’s stance on ensuring food sovereignty of the country, while insisting on increased financing of agriculture.

The minister said President Bola Tinubu’s administration has made it clear that food sovereignty is the goal. Niger State governor, Umaru Bago, reaffirmed his administration’s determination and commitment to driving agricultural investment in line with the food sovereignty agenda of President Bola Ahmed Tinubu.

The farmer governor who was a special guest of honour at the event emphasized the need for Nigerians to invest in agriculture, highlighting the huge benefits and investment returns inherent in agriculture.

He noted that President Bola Ahmed Tinubu has already given agriculture a top priority through the numerous agricultural initiatives,which have attracted many investors, explaining that Niger State is equally not doing less and will remain steadfast in supporting president Tinubu’s agricultural policies.

The farmer governor, who observed that lack of access to financing has been one of the major challenges confronting farmers, enjoined First Bank of Nigeria to continue to partner with the government in addressing it.

Lagos State Governor, Babajide Sanwo-Olu said the economic realities confronting Nigeria ranging from the volatility of global oil prices, to the pressures on foreign exchange, to the rising cost of imports – all point to a single truth that “Nigeria must urgently broaden its economic base.”

Sanwo-Olu said Nigeria must move away from overdependence on oil and build a resilient economy that is anchored on productivity, value addition, and competitiveness in non-oil exports.