Increasing Food Import Worries FG

The Federal Government on Tuesday noted with concern the nation’s increasing food import bills because of its multiplier effects on the economy.

President Goodluck Jonathan made this position known in Abuja while declaring open the Stakeholders Conference on the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL). He noted that the fundamental structure of the nation’s economy was largely responsible for the continuous decline of its external reserves.

Jonathan, who was represented by the Vice President, Alhaji Namadi Sambo, observed that the nation was witnessing the negative trend in spite of the encouraging growth in the nation’s agriculture sector. “Indeed, sectoral analysis shows that on the average in the last five years, the agricultural sector contributed about 40 percent of the GDP and provided about 60 percent of employment.  “However, the encouraging growth has not sufficiently impacted on the socio-economic life of the nation as Nigeria continues to settle huge food bills.

“The overall declining productivity and output have turned Nigeria into a net importer of agricultural produce, which include wheat (N635.5billion), rice (N356.5 billion), sugar (N217 billion) and fish (N96.9 billion) in billions and billions of Naira.

The President however, explained that agriculture had the potential to sustain a more equitable income growth compared to the oil and gas sector. According to him, its capacity for increased output from the current level of N15.345 trillion by 160 percent to N39.68 trillion by 2030, is realisable.

He asked all categories of entrepreneurs and investors to join hands with the government to exploit the huge potential in the nation’s agriculture sector.