Akinwumi Adesina: Food import tax suspension is depressing — agric investments at risk

Akinwumi Adesina, president of the African Development Bank (AfBD), says the federal government’s decision to suspend duties and taxes on imported food commodities is depressing.

In a statement on Saturday, AfDB said Adesina spoke at a retreat organised by the African Primates of the Council of Anglican Provinces of Africa (CAPA) in Abuja on Friday.

On July 8, Abubakar Kyari, minister of agriculture and food security, said duties, tariffs, and taxes on the importation of maize, husked brown rice, wheat, and cowpeas will be suspended through Nigeria’s land and sea borders for 150 days.

Kyari said the plan would ease the price hike of food items, adding that the government has adopted measures to be implemented in 180 days.

Speaking on the theme ‘Food security and financial sustainability in Africa: The role of the Church,’ Adesina said the plan would only address short-term food prices hike in the country.

He said the policy might jeopardise the significant efforts and private investments made in Nigeria’s agriculture sector.

“Nigeria’s recently announced policy to open its borders for massive food imports, just to tackle short-term food price hikes, is depressing,” he said.

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

AfDB president said Nigeria must not be turned into a food import-dependent country.

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

Adesina said Nigeria must feed itself with pride, adding that a nation that depends on others to feed itself, is independent only in name.