Public Management

Every year, Nigeria loses $9 billion due to poor food storage

Every year, Nigeria loses $9 billion due to poor food storage
Friday, 28 May 2021 05:04

Food wastage caused by improper food storage costs Nigeria about N3.7 trillion (About $9 billion) yearly. The figure was recently disclosed by John Onojeharho, chairman of the governing council of the Nigerian Institute of Transport Technology (NITT). This was at the 8th Nigeria Annual Transport Lecture held in Lagos on the topic “Cold Chain Logistics”.

“Nigeria is ranked 1 percent in terms of cold chain management. The market is huge and if properly tapped, we can save $9 billion annually by avoiding food wastage through proper storage,” said Mr. John Onojeharho.

One of the key reasons for massive waste is the lack of a temperature-controlled supply chain to prevent fresh foods from spoiling during transportation from the farms to the end-users. For example, it is estimated that more than 40% of tomato production does not reach consumers. 

Efficient logistics is crucial for any country’s economic growth. In the case of Nigeria, NITT’s chairman added that its cold chain logistics issues are overall attributed to poor road infrastructure, continuity of the cold supply chain, high capital investment, power supply.

More than 12% of Nigerians suffer from undernourishment. Yet every year, the country loses and wastes 40% of its total food production. As indicated on the Global Food Security Index two years ago, food security will worsen looking at the country’s fast-growing population that is expected to reach about 400 million by 2050. 

Solange Che

Additional Info

  • communiques: Non
  • couleur: N/A
On the same topic
• IMF extends Niger’s Extended Credit Facility (ECF) program by one year through December 2026.• IMF approves a $41 million disbursement tied to...
EBRD grants $100 million loan to Banque Misr to expand credit access for SMEs and women-led businesses. Loan supports Egypt’s green finance...
UTB’s restructuring delayed to end-2026 due to incomplete audits; reorganization plan expected by March. Despite a CFA 15.2B injection, the bank...
DRC launches campaign to diversify investors in government securities 98% of bonds now held by banks; aim is to reduce risk and broaden...
Most Read
01

• Inflation within the West African Economic and Monetary Union (UEMOA) fell to a two-year low of 0....

UEMOA: Inflation Drops to 0.6% in May, Driven by Lower Food Prices
02

• Interbank volumes rose 18.7% in May, while rates declined across the market• The BCEAO cut its mai...

WAEMU Sees Easing Conditions on Regional Interbank Market
03

• The U.S. imposed a 20% tariff on cashew exports from Vietnam and a 40% tax on suspected transshipm...

U.S. Tariffs on Vietnam Cashews May Disrupt Trade, Hit African Growers (Interview)
04

Cauri Money launches Gajo Money, an e-wallet for the Cameroonian diaspora, targeting €120 mil...

Cauri Money Targets Cameroonian Diaspora with Digital Wallet Launch
05

• Qatar Airways and Kenya Airways establish strategic agreement, introducing a third daily flight be...

Qatar Airways Expands its Network in Africa, Building Presence in Kigali, Johannesburg, and Nairobi
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72
Média kit : Download

EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.