$10 billion spent annually on agricultural imports – Reports

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$10 billion spent annually on agricultural imports - Reports
$10 billion spent annually on agricultural imports - Reports

African Reinsurance Corporation Deputy Managing Director, Ken Aghoghovbia, stated that International Trade Administration estimates reveal that Nigeria depends on approximately $10 billion worth of imports to address its food and agricultural production shortfalls.

Aghoghovbia made these remarks during the Africa Reinsurance Corporation Agriculture Workshop held in Lagos, emphasizing the challenges faced by the agricultural sector, such as flooding, desertification, conflicts between herdsmen and local farmers, limited access to financing, and underutilization of modern technology, which have led to a significant gap between local food supply and demand, resulting in increased food imports.

The workshop aimed to foster collaboration among key industry stakeholders in Nigeria’s agriculture insurance sector.