Nigeria’s food production will rise by 48 per cent to €62.6bn between 2021 and 2024, according to Fairtrade and OTACCWA.
In a statement, Fairtrade and OTACCWA, organisers of the Nigeria Agrofood and Plastprintpack trade show, disclosed that the country’s food production had improved by 39.6 per cent from €26bn in 2016 to €36.3bn in 2020.
Senior Project Manager at Fairtrade, Freyja Detjen, noted that with investments in food and packaging technology amounting to €363m in 2022, Nigeria stood as Africa’s second-largest investor, trailing only South Africa with €381m and leading Egypt with €319m.
She said, “Nigeria’s food production has witnessed a remarkable surge of 39.6% in recent years, from €26bn in 2016 to €36.3bn in 2020, projected to rise by 48 per cent between 2021 and 2024, from €42.3bn to €62.6bn.
“Despite significant investments in local food production, Nigeria’s food imports totalled. US$6.9bn in 2022, positioning the nation as one of Africa’s foremost food importers.
“With €143m in 2022, Nigeria emerges as the second-largest investor in plastics technology in Africa, showcasing an annual growth rate of 17.6 per cent between 2016 and 2022.”
