Nigeria Loses 50% of Farm Output to Storage Issues

Opeoluwa Runsew, founder and CEO of Terroso Group, stated during a virtual press conference on April 22 that Nigeria loses between 30% to 50% of its agricultural production post-harvest due to a significant storage deficit. He highlighted that the lack of proper storage systems contributes to food inflation and farmer distress sales, which weaken their bargaining power and limit income potential.

Runsew pointed out that the country does not face a food shortage but rather a preservation issue, stressing the necessity of building a fully integrated temperature-controlled value chain to mitigate these losses. He called for a shift in the banking sector's approach to agricultural infrastructure, advocating for a financing model that supports cold chain development and tax incentives to reduce import duties.

Runsew emphasized the importance of public-private partnerships to enhance Nigeria's cold chain strategy, which is crucial for improving the quality of local produce and meeting international standards.