Africa's Annual Food Import Bill Reaches $50 Billion, Report Reveals

Nigeria and other Africa countries spends a staggering $50 billion annually on food imports, a new report has revealed, shedding light on the continent’s heavy reliance on foreign agricultural products despite its vast agricultural potential.

The report, conducted by African Export-Import Bank (Afreximbank), underscores the paradox of Africa's immense agricultural resources and untapped arable land, which could make the continent self-sufficient in food production. However, challenges such as insufficient infrastructure, low productivity, and limited investment in the sector have hindered its progress.

Experts highlight that the high food import bill is unsustainable, particularly given Africa's growing population and rising demand for food. It is estimated that the continent's population will reach 2.5 billion by 2050, further intensifying pressure on food systems.

“The United Nations Economic Commission for Africa forecasts an even steeper increase over the same period, to $110 billion, up sevenfold from $15 billion of food imports in 2018" it added.

To address this, stakeholders have called for greater investment in local agriculture, improved infrastructure, and policy reforms that prioritize food security. Boosting productivity, supporting farmers with modern tools, and facilitating access to markets are seen as critical steps toward reducing Africa's dependence on food imports.

By leveraging its agricultural potential, Africa could not only achieve food security but also become a net food exporter, contributing to economic growth and job creation across the continent.

Africa's reliance on food imports highlights a critical need for transformation in the continent's agricultural sector. However due to low manufacturing, insufficient infrastructure, low productivity, and limited investment the continent will continue to relay heavily on foreign imports to meet increasing demands. 

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 Source - Business Day (December) - Read the full article here.