Beans: Nigeria Loses $362 million revenue, spends N16 Billion annually on Import – ActionAid

Nigeria is said to be losing approximately $362 million annually in potential revenue from bean exports, while spending about N16 billion each year to import the same commodity. Said ActionAid Nigeria.

This revelation was made by the organization's Project Officer, Azubike, during a press briefing in Abuja.

Azubike highlighted that despite Nigeria's significant capacity to produce beans, the country faces challenges in meeting domestic demand and tapping into international markets.

He stressed that factors such as inadequate processing facilities, poor infrastructure, and limited access to financing for local farmers contributed to the nation's reliance on imported beans.

The disparity between export potential and import expenditure underscores the need for strategic interventions to enhance local production and processing capabilities with adding that there is a need to prioritize the development of the beans value chain, aiming to reduce import dependency and boost the country's agricultural economy.