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

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