Business

Nigeria Still Heavily Importing Food, Spends $1.04bn

Despite plans set in motion to curtail Nigeria from heavily importing food from other nations, a report has shown that the present administration still massively bring consumables into the country.

The report revealed that the country spent $1.04 billion on food importation in approximately six months, the first half of 2021.

The increase of foreign exchange supply by the Central Bank of Nigeria, CBN, to importers confirmed the data mentioned in the preceding paragraph.

An estimation that showed the breakdown of the foreign exchange usage between January and June also unveiled an expenditure of $163.60 million on food products at the beginning of the year.

Importing Food

Also, the report disclosed that the money sky-rocketed to $197.73 million in February. The following month, $171.05 million was spent since forex supplied dropped further, as other months recorded various expenditures on the same commodity.

In the meantime, the federal government has centred its attention on growing food locally within the country as funds are available for prospective and existing farmers.

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