$10bn annual food import bill is new threat to Nigeria’s economic recovery

Ikeanumba learnt that by July this year, $5.4bn had already been expended on food importation, a rising indulgence for a nation which has suffered two economic contractions in five years and which hitherto kept its food import bill well within a healthier band.

Nigeria’s flagging economic recovery is facing a new threat after it emerged that Africa’s most populous nation may spend a staggering ten billion dollars this year to cover food importation at a time of an acute foreign exchange shortage.