Nigeria Will End Food Importation, Boost Local Production – Finance Minister Edun

Nigeria Will End Food Importation, Boost Local Production – Finance Minister Edun

Nigeria’s Finance Minister, Wale Edun, has announced plans to phase out food imports as part of a government strategy to enhance domestic agricultural production and strengthen food security. Speaking at a press conference in Abuja ahead of the country’s 64th Independence Day, Edun emphasized the need for self-sufficiency in food production, marking the end of heavy reliance on imports.

He highlighted the government’s commitment to supporting small-scale farmers by providing vital inputs like seeds and fertilizer through programs such as the Nigerian Agricultural Growth Scheme. While maize and wheat imports have been ordered to stabilize the market in the short term, Edun stressed the importance of avoiding disruptions to local farming.

This move comes as recent Central Bank of Nigeria data revealed N903.95 billion was spent on food imports in Q1 2024, with inflation reaching 32.15% in August.