Our new glory: The glory of food imports

3. Our new glory…. The glory of food imports

As we do  not produce…. We must import

 Nigeria Imports over 1 Trillion Naira in wheat, rice, sugar and fish every year

 

Nigeria’s Imports

Fig 20: Nigeria’s top 4 food imports

 

  • Nigeria’s food import bill is exceptionally high. The top four imports consume over 1 trillion naira in foreign exchange every year.
  • Nigeria’s food imports are growing at an unsustainable rate of 11% per annum.
  • Relying on the import of expensive food on global markets fuels domestic inflation.
  • Nigeria is importing what it can produce in abundance
  • Import dependency is hurting Nigeria farmers, displacing local production and creating rising unemployment.
  • Import dependency is not acceptable, nor sustainable fiscally, economically or politically.

 

 The days of importing cheap food are over

 

The World food price index is at its highest point in recorded history

 

 

Fig 21: FAO world food price index

 

Demand Drivers: Significant increase in demand

 

 

Fig 22: Population growth: Cumulative growth in world population 1999-2009

 

Fig 23: Increase in standard of living: Per capita meat consumption in China

 

Fig 24: Increased biofuel demand: % of US corn production used for biofuels

 

  • Food exports have demonstrated a willingness to ban exports to ensure their countries’ food security e.g. Thailand, Russia, India, Vietnam e.t.c
  • Export bans jeopardize Nigeria’s food security.
  • Any shock in global markets will put Nigeria’s national security at risk. E.g. North Africa riots.

 

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