Agence Ecofin TikTok Agence Ecofin Youtube Agence WhatsApp

Agriculture

Crisis to help Nigeria save $45m/yr usually injected in…fries imports

Thursday, 15 September 2016 14:49

(Ecofin Agency) - Each day, 120 tons of potato chips are consumed in Nigeria. Truly, despite being the leading potato producer in sub-Saharan Africa, Nigeria depends mainly on imports to satisfy its demand. Statistics show that it imports around $45 million of potato yearly. 

However, given the actual dollar shortage that the nation is recording, as a result of central bank’s policy, the whole potato sector could be forced to look for other alternatives, producing mainly. Effectively, the country which wants to diversify its economy, betting on agriculture, could focus on developing this sector in a context of strong demand.

According to actors of the sector, investment is low in the processing industry because of the dependency on imports. The current crisis could thus reveal into a blessing. 

Meanwhile,fries are scarce on the menus of restaurants in Nigeria. The reason for this is that “now that importing has become difficult because of the exchange rate, fast-foods like KFC no more offer fries on their menus”, Michael Agbogo, co-founder of Vicampro – an organization that aims to help the country achieve food security, explained.

Aaron Akinocho

 
Finance


 
Mining


 
Telecom


 
Public Management


ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

AGENCE ECOFIN
Mediamania Sarl
Rue du Léman, 6
1201 Genève
Tél: +41 22 301 96 11

EDITORIAL TEAM
redaction@agenceecofin.com

ADVERTISING SALES
Benjamin FLAUX
bf@agenceecofin.com
Tél: +41 22 301 96 11
Mob: +41 78 699 13 72

 

Please publish modules in offcanvas position.