Despite Nigeria’s much-celebrated rice production drive, the Minister of Agriculture and Food Security, Sen. Abubakar Kyari, has revealed that the nation still spends more than $10 billion annually on food imports, including rice, wheat, sugar, fish, and even tomato paste.

Kyari made this disclosure at the First Bank of Nigeria Ltd. 2025 Agric and Export Expo, held on Tuesday in Lagos. Represented by his Special Adviser, Ibrahim Alkali, the Minister decried the rising import bill and stressed the urgent need for increased financing of agricultural activities to strengthen local production and expand agro-exports.

“Nigeria spends over 10 billion dollars annually importing food such as wheat, rice, sugar, fish and even tomato paste. Agriculture already contributes 35 per cent of our GDP and employs 35 per cent of our workforce, yet Nigeria accounts for less than 0.5 per cent of global exports,” Kyari said.

The Paradox of Potential

Nigeria is endowed with 85 million hectares of arable land and a youth population where more than 70% are under the age of 30. However, the country earns less than $400 million from agro exports annually. According to Kyari, this underperformance is linked to inadequate financing systems, weak infrastructure, and limited value addition.

He emphasized that to build a sustainable non-oil export economy, Nigeria must rethink how agriculture is financed, moving from fragmented credit to structured systems capable of attracting large-scale investment.

Food Sovereignty as a National Goal

Reaffirming the Tinubu administration’s commitment to food sovereignty, Kyari stressed that Nigeria must not only feed itself but do so on its own terms, free from excessive dependence on imports and vulnerable global supply chains.

“Sovereignty means ensuring that no Nigerian goes hungry because of shocks in global food supply chains. It means every community standing on the strength of our land, our people, and our productivity,” he added.

Turning Potential into Prosperity

Kyari noted that boosting domestic food production and strengthening exports should not be seen as separate agendas but as complementary strategies for growth. He argued that Nigeria has the land, labour, and markets, but lacks the financing structures, value chains, and infrastructure to transform potential into prosperity.

He called for reforms that shift from dependency on oil rigs to resilience in food production, from fragmented farmer loans to structured agribusiness finance, and from limited youth participation to greater engagement of young Nigerians in modern agriculture.

Critical Thinking and New Mechanisms

The Minister further highlighted the need for innovative financial mechanisms such as forward contracts, revenue sharing models, performance-linked agricultural goals, and Pay-as-Harvest schemes. These, he explained, are proven tools that have worked in other economies and could significantly transform Nigeria’s food security landscape.