Despite recording a ₦668.34 billion agricultural trade surplus in Q1 2025, Nigeria continues to grapple with widespread food insecurity, experts have warned.
According to National Bureau of Statistics (NBS) foreign trade data, agricultural exports outpaced imports, growing by 10.63% to ₦1.7 trillion, while imports dropped by 5.02% to ₦1.04 trillion. The Federal Government’s 150-day duty-free import window contributed to the positive trade balance.
But stakeholders, including the Lagos Chamber of Commerce and Industry (LCCI) and the All Farmers Association of Nigeria, say the raw commodity-driven export boom masks a looming food crisis, especially as Nigeria enters the lean season.
“You can’t say we’ve achieved food security when food prices are still high in the markets,” said Tunde Banjoko, Chairman of LCCI’s Agricultural & Allied Group.
He explained that while foreign exchange earnings from cashew and other commodities surged, local food availability and affordability have not improved. Insecurity in food-producing states, coupled with floods in Niger State and unrest in Benin and Plateau, continues to choke supply chains.
Banjoko and others emphasized the need for food processing investment and value addition, warning that over-reliance on raw exports will do little to address hunger.
The UN World Food Programme estimates that over 33 million Nigerians will face acute food insecurity by mid-2025, a projection stakeholders say is still on course.
“Until Nigerians can buy food at affordable prices in the markets, not just read about surpluses on paper, then we can talk about progress,” Banjoko added.
