Despite hunger, AfDB chief Akin Adesina says Tinubu should not remove import tariffs to reduce food prices

“Nigeria cannot import its way out of food insecurity,” Mr Adesina said.

Victor Olorunfemi • July 15, 2024

Dr Akinwumi Adesina

Following the move by the federal government to suspend tariffs, duties and taxes on the importation of food grains and other food products into Nigeria for 150 days, the president of the African Development Bank Group (AfDB), Akinwumi Adesina, has criticised the decision, saying it can destroy country’s economy.

“Nigeria’s recently announced policy to open its borders for massive food imports, just to tackle short-term food price hikes, is depressing,” Mr Adesina said while speaking to African Primates of the Anglican Church at a retreat in Abuja on Friday.

“Nigeria cannot rely on the importation of food to stabilise prices,” he added.

In a bid to reduce the massive food inflation ravaging the country, the minister for agriculture, Abubakar Kyari, had last week announced the government is suspending tariffs on the importation of maize, husked brown rice, wheat, and cowpeas through the country’s land and sea borders for five months.

Mr Adesina faulted the government’s decision as “depressing”. He stated that the policy may damage all the hard work and private investments that have gone into Nigeria’s agriculture sector.

“Nigeria should be producing more food to stabilise food prices while creating jobs and reducing foreign exchange spending, that will further help stabilise the naira. Nigeria cannot import its way out of food insecurity,” the former minister of agriculture and rural development said.

“Nigeria must not be turned into a food import-dependent nation.”

Mr Adesina urged the Nigerian government to take advantage of AfDB’s investments and support for African farmers while adding that the bank, along with the International Fund for Agricultural Development and the Islamic Development Bank, has provided $520 million in funding for agricultural development.

“Together with the Islamic Development Bank and the International Fund for Agricultural Development, we have provided $520 million to support the establishment of Special Agricultural Processing Zones, which will allow private agribusinesses to establish industries that process and add value to agricultural commodities,” he added.

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