Nigeria's N7.65 Trillion Food Imports Drive Inflation

Opeoluwa Runsewe, CEO of Terroso Group, has stated that Nigeria's N7.65 trillion food imports are significantly fueling inflation. He emphasized that the country’s agricultural economy is undermined by structural challenges, including weak infrastructure, high post-harvest losses, and a fragmented landholding system.

According to the latest foreign trade statistics from the National Bureau of Statistics, Nigeria's growing dependence on foreign supplies to meet domestic demand is alarming. Runsewe pointed out that the quality of local agricultural products and the inefficiencies in the supply chain are critical issues that need addressing.

He proposed a system approach to agriculture that includes data-driven farming, improved cold chain logistics, and embedded financing to enhance local production. Runsewe also noted that without significant investment in infrastructure and market access, Nigeria will continue to rely on imports, which poses risks to food security and economic stability.