Akinwunmi Adesina 1

Akinwunmi Adesina faults FG’s approval of duty-free food imports, says policy is depressing

The President of the African Development Bank, Dr. Akinwunmi Adesina has raised concerns over the federal government’s plan to import food stating that the policy is depressing.  

He stated this during the Council of Anglican Provinces of Africa retreat held in Abuja on Saturday where he spoke on the theme, ‘Food Security and Financial Sustainability in Africa’  

According to him, Nigeria cannot rely on food imports to stabilize prices, and resorting to it could destroy the country’s agricultural policy.  

He explained that the country should be producing food to keep prices stable and reduce pressure on the foreign exchange front whilst creating jobs.  

He said, “Nigeria’s recently announced policy to open its borders for massive food imports, just to tackle short-term food price hikes, is depressing.”  

“Nigeria cannot rely on the importation of food to stabilize prices. Nigeria should be producing more food to stabilize food prices while creating jobs and reducing foreign exchange spending, which will further help stabilize the Naira,” 

“Nigeria cannot import its way out of food insecurity. Nigeria must not be turned into a food import-dependent nation.” 

Potential of Africa’s food system 

Furthermore, Dr. Adesina noted that Africa constitutes nearly a third of the over 780 million people worldwide who are hungry, the African Development Bank president emphasized the critical role of agriculture in diversifying economies and transforming rural areas, where more than 70 percent of Africa’s population resides. “It is clear therefore that unless we transform agriculture, Africa cannot eliminate poverty,” he insisted. 

Adesina noted that Africa holds 65% of the world’s remaining uncultivated arable land, which is crucial for feeding an estimated 9.5 billion people by 2050. Therefore, what Africa does with agriculture will determine the future of food in the world. “Essentially, food is money. The size of the food and agriculture market in Africa will reach $1 trillion by 2030,” he stated. 

Backstory  

Last week, the federal government through the Ministry of Agriculture announced plans to allow duty-free importation of food items such as maize, rice paddy, and wheat for 150 days as part of measures towards stabilizing the prices of the items in the market.  

  • The move contradicts the earlier position of the Presidency on food security with President Tinubu stating that Nigeria will not import food but produce what it eats.  
  • Food prices in the last year have skyrocketed in Nigeria with food inflation just over 40% pushing millions into poverty and hunger. An estimated 32 million people are expected to face severe hunger and malnutrition this year due to the crisis.