Nigeria’s Food Production Boom: €62 Billion Projected In 2024, Despite Import Reliance

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News in Brief:
-Nigeria’s food production is projected to soar by 48% to €62 billion in 2024, despite remaining a major importer.
-Upcoming collaborations in trade shows and investments in technology aim to address challenges and boost self-sufficiency in the agricultural sector.

Nigeria’s food production is expected to surge by 48% (to €62.6 billion) in 2024, according to Fairtrade and OTACCWA, organisers of the Nigerian Agrofood and Plastprintpack trade show.

Local news outlets in the country reported the statement, adding that this significant growth follows a 39.6% increase from €26 billion in 2016 to €36.3 billion in 2020.

Nigeria is ranked second in Africa for food and packaging tech investment (€363 million in 2022), behind South Africa and ahead of Egypt, a report by BusinessDay claims. It adds that the country is the second-largest plastics technology investor in Africa (€143 million in 2022) with a 17.6% annual growth rate since 2016.

However, despite rising production, Nigeria remains a major food importer (€6.9 billion in 2022). The Food and Agriculture Organisation (FAO) identified challenges like land tenure systems, irrigation limitations, climate change, and low technology as hampering agricultural productivity.

Building on previous collaborations, Fairtrade and OTACCWA will co-organise the 6th West African Cold Chain Summit and Exhibition. This show will be held alongside Agrofood and Plastprintpack Nigeria 2024. It will feature the 3rd Annual MFI Awards, the Millers for Nutrition Country Launch, and a three-day conference with over 70 speakers.

Meantime, over 100 international exhibitors from 20 countries will showcase products and solutions for the Nigerian market.

This projected growth in food production indicates potential for progress in addressing current import reliance. Addressing identified challenges and leveraging technological advancements will be crucial to enhance self-sufficiency and further strengthen the agricultural sector.

Joseph Akahome
Joseph Akahome
Joseph O Akahome (OJ) is a writer, with a Bachelor of Arts degree in English and Literature from the University of Benin. He is an avid agriculturist, with a bias for poultry and an insatiable appetite for chicken wings. When he is neither reading nor researching, he likes to spend recreational time playing board games, or swimming in serene forested lakes.

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