Why Nigeria Is Reducing Food Importation, By Osinbajo

Foreign exchange constraints and the availability of arable land in Nigeria are reasons to improve local agricultural production rather than continued importation which puts pressure on the country’s foreign earnings.

Vice President Yemi Osinbajo articulated this position yesterday while receiving a Russian delegation led by the country’s Minister of Agriculture who is also the Co-Chair of the Nigeria-Russia Joint Commission, Mr. Alexander Tkachev.

“Oil prices have gone down tremendously and yet a large amount of foreign exchange is used to purchase food abroad and we have vast arable land for agric. It won’t make sense if you don’t use the land,” the vice president said.

Osinbajo, while urging Russian farmers to invest in Nigeria said: “We are just six hours away from Europe by air. Vegetables, flour can be exported to Europe from here. We also have a large local market here.

“There is a lot of money to be made if Russian technology in agriculture is deployed locally and better opportunities for economic cooperation between both countries.”

Osinbajo, the Russian Ambassador in Nigeria, Nikolay Udovichenko, Russian Deputy Minister of Agriculture, Evgeny Gromyko and officials of Russian firm, United Company (Rusal) agreed on the need for the two countries to deepen diplomatic relations.

In a related development, Lagos State Governor, Akinwunmi Ambode has said Nigeria has no reason to import food to feed its population. He said this was why his administration invested in agriculture to contribute to the country’s economic growth. 

The governor assured that his government would provide conducive environment for investors in the agriculture sector. Ambode stated this yesterday at the opening of the Lagos Food Security Summit and Exhibition with the theme “Actualising Sustainable Food Security.”

According to him, with daily food consumption of over N3 billion, Lagos is a good destination for willing investors in the agriculture sector.

“One of the challenges of the economic recession is the urgent need to develop a sustainable programme that will guarantee food security for our people. We spend billions of foreign exchange on importation of food items, many of which can be cultivated in our country.

“We can achieve food security and create employment for our youths if we put the right policies and incentives in place that will attract significant investment in the agricultural sector,” he said.

The Chairman of the summit, Alhaji Sani Dangote commended Ambode’s administration for its efforts to tackle the challenge of food security.