The value of agricultural goods imported into the country exceeded exports by N443.35bn in the first quarter of 2022 amid rising security challenges that have continued to affect the fortunes of the sector.
Data obtained from the National Bureau of Statistics revealed that “the value of total trade in agricultural goods in Q1, 2022 stood at N644.94bn of which exports were valued at N201.59bn in Q1, 2022.”
The banking industry had decried the effect on insecurity on several interventions introduced for the agricultural sector.
The Governor, Central Bank of Nigeria, Godwin Emefiele, said, “The Bankers’ Committee called on the Federal Government to prioritise efforts to curb the menace of insecurity to enable farming and other business activities return to normalcy.”
A member of the Monetary Policy Committee, Mohammed Salisu, said “Drivers of inflation, especially food inflation, in Nigeria include disruption to farming activities and inter-state trade because of worsening security conditions, rural road infrastructural deficits, persistent supply chain disruptions, post-harvest losses, and sustained exchange rate pressures with pass-through to domestic prices.”