Nigeria’s annual food importation bill which, could possibly reach $10 billion by the end of the year poses a threat to the nation’s economic recovery. This was disclosed by the chairman of the presidential economic advisory council, Doyin Salami at the Lagos Business School’s alumni day where he spoke as the Lead Economy Speaker.
Nigeria had already spent $5.4billion on food importation by July this year.
This poses great threat to Nigeria’s flagging economy especially at this period of foreign exchange shortage.
In 1990, Nigeria’s GDP per capita when divided by population was two times that of China, at $500. Today, China’s GDP is $11,000, which is five times that of Nigeria’s, which is stuck at $2000.
Salami said that Nigeria has to move away from the mindset of the 1970s which is defined by the pursuit of import substitution and massive government subvention.
He added that there is a more effective way to run the economy. By understanding the market so that there are less goods to be imported and by building a globally competitive economy.
