Thursday, September 28, 2023

Insecurity: Agric Imports Take Its Toll On Exports by N443.35bn



The value of agricultural goods imported into the country according to data exceeded exports by N443.35bn in the first quarter of 2022.

This is amid rising security challenges that have continued to affect the fortunes of the sector.

Data obtained from the National Bureau of Statistics NBS, showed 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 decried the effects on insecurity on several interventions introduced for the agricultural sector.

Central Bank of Nigeria governor Godswin Emefiele, said “The Bankers’ Committee called on the federal government 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.”