How can Nigeria cut its food import bill near-term?

Nigeria, a country rich in agricultural potential, is facing a challenging time as data from the Central Bank of Nigeria revealed a 14 percent increase in food imports, amounting to $1.87 billion in the first nine months of this year. Chike Nwagwu, Director at Novus Agro, shed light on the recent food price movements and strategies to boost food production and processing during an interview on CNBC Africa. The discussion revolved around the persistent issue of Nigeria's heavy reliance on food imports, despite numerous government initiatives aimed at supporting local farmers and enhancing agricultural productivity. One of the key concerns raised during the interview was the bureaucratic hurdles hindering the effective implementation of government support schemes for farmers. Nwagwu highlighted delays in the distribution of duty waivers and the inefficient allocation of resources for agricultural programs. He emphasized the crucial role of timeliness in agricultural activities, noting that delays in policy execution could significantly impact the sector's performance. Moreover, the conversation delved into the potential for year-round farming in Nigeria. Nwagwu underscored the importance of irrigation infrastructure in enabling continuous agricultural production throughout the year. However, he pointed out that the existing irrigation systems in the country were underutilized and poorly maintained, emphasizing the need for substantial investments in enhancing irrigation facilities to support year-round farming. As the discussion progressed, the focus shifted to the collaborative efforts required to stimulate agricultural growth in Nigeria. While acknowledging the initiatives taken by some states and government bodies to boost local food production, Nwagwu emphasized the necessity of a comprehensive and coordinated approach to address the multifaceted challenges hindering agricultural development. He stressed the importance of inter-ministerial cooperation and centralized planning to optimize resources and improve efficiency across the agricultural value chain. Nwagwu highlighted the complex nature of the factors influencing food prices in Nigeria, pointing to issues such as logistics, power supply, seed quality, and fertilizer utilization. He underscored the role of government intervention in promoting sustainable agricultural practices and addressing systemic bottlenecks that contribute to food inflation in the country. Nwagwu also drew attention to the significant impact of currency devaluation on food prices, emphasizing the need for a holistic economic strategy to stabilize food costs and enhance food security in Nigeria. In conclusion, the interview with Chike Nwagwu shed light on the intricate challenges facing Nigeria's agricultural sector and the essential steps needed to reduce the country's food import bill. The road to self-sufficiency in food production requires concerted efforts, innovative solutions, and coordinated policies to drive sustainable agricultural growth and ensure food security for the Nigerian population.