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Nigeria Spends 40% of Foreign Exchange On Food Import



Due to penchant for imported products in the country, Nigeria spends 40 per cent of its foreign exchange annually on imported food, particularly rice, Acting President Yemi Osinbajo, has revealed.

Speaking at the inaugural Micro, Small and Medium Enterprises (MSME) Clinic in Katsina on Thursday, Osinbajo lamented that in the past, Nigeria depended on imports for practically everything despite the limitless capacity of Nigerians in terms of what they could produce.

The Acting President, who was excited at the wide array of high quality locally manufactured products at the exhibition mounted by Katsina investors in the premises of the MSME clinic, said the achievement confirmed the central vision of the present administration that Nigerians could grow everything they eat and make everything they need.

Osinbajo, himself the chairman of Presidential Council on Ease of Doing Business, stressed that the concept aimed at making it easier for investors to do business in Nigeria.

The Acting President, who noted that his mission in Katsina was to make sure that all regulators meet with small business owners, among others, observed: “What we have seen here is simply incredible; I am so excited.”
Earlier, the Katsina State Governor, Aminu Bello Masari, disclosed that Katsina ranked among the states with the highest ease of doing business in Nigeria even as he commended the launch of the MSME clinic.

Masari however called on Federal Government to ensure speedy completion of 10 MW wind mill power project which had reached 90 % completion status before it was abandoned.

In her address, the Minister of State for Industry and Trade, Hajia Aisha Abubakar, applauded the Acting President for personally championing the MSME clinic as a platform where challenges of MSMEs are identified and solutions proffered.

Osinbajo, accompanied by Katsina-born Minister of State for Aviation, Hadi Serika, was received by Emirs of Katsina and Daura, Abdulmumini Kabir Usman and Umar Faruk Umar; former Kaduna State Governor, Lawal Kaita, and former president of the Court of Appeal, Justice Mamman Nasir (retired).