Amidst Soaring Food Prices New Report Projects Nigeria’s Food Production To Hit €62 Billion In 2024

A new forecast has projected a 48 percent  increase in food production in Nigeria between 2021 and 2024.

Making the projection in a statement released on Thursday, Fairtrade and  the Organisation for Technology Advancement of Cold Chain in West Africa, OTACCWA, detailed that the 48 percent rise will reflect a €62.6bn  increase in food production in the country between 2021 and 2024.

In the statement, the groups detailed that that the country’s food output has increased by 39.6 percent, from €26 billion in 2016 to €36.3 billion in 2020.

Naija News reports that the Senior Project Manager at Fairtrade, Freyja Detjen, observed that Nigeria was the second-largest investor in Africa in 2022, behind only South Africa with €381m and ahead of Egypt with €319m, with investments in food and packaging technology totaling €363m.

She said, “Nigeria’s food production has witnessed a remarkable surge of 39.6 per cent 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.”

The forecast comes as Nigeria continues to battle with hardship occasioned by the incessant rise in the prices of necessary commodities. The continued rise have sparked a wave of protests in states across the nation with the Nigeria Labour Congress (NLC) giving 14 days nationwide strike notice.