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Nigeria’s importation of French fries is about 67 per cent higher than the total spent on agriculture for the whole year.
The Co-founder, Vicampro, an organisation pushing for food security in Nigeria, Michael Agbogo, disclosed that Nigerians consume about 120 tonnes of French fries daily, even as the whole of West Africa region lacks real food processors.
According to him, “Nigeria imports about $200 million worth of French fries annually,” adding that directing investment to the components of the value chain will serve both the local and regional markets.
“Currently, demand stands at 120 tonnes per day. Now that import has become very difficult due to the exchange rate, fast foods such as KFC no longer sell the product for this reason,” he added.
Indeed, a tonne of French fries sells at the international market for between $800 and $1000, thus if Nigerians consume about 120 tonnes of French fries daily according to demand estimates from operators, the country may have saved at least $43.8 million in forex, a situation that may have affected consumption and made organisations to look inward.
Nigeria is a leading producer of Irish potatoes in sub-Saharan Africa with Plateau State producing about 200,000 metric tonnes of Irish potatoes yearly .The importation of French fries attracts 20 per cent tariff and five per cent value added tax from the Federal Government.
Industry experts, who gathered at “The Business of Agriculture Conference,” organised by Vicampro in Lagos said the country could only achieve desired growth in the sector if government identifies key stakeholders, defines their roles and holds them accountable.
The Co-founder, Vicampro, an organisation pushing for food security in Nigeria, Michael Agbogo, disclosed that Nigerians consume about 120 tonnes of French fries daily, even as the whole of West Africa region lacks real food processors.
According to him, “Nigeria imports about $200 million worth of French fries annually,” adding that directing investment to the components of the value chain will serve both the local and regional markets.
“Currently, demand stands at 120 tonnes per day. Now that import has become very difficult due to the exchange rate, fast foods such as KFC no longer sell the product for this reason,” he added.
Indeed, a tonne of French fries sells at the international market for between $800 and $1000, thus if Nigerians consume about 120 tonnes of French fries daily according to demand estimates from operators, the country may have saved at least $43.8 million in forex, a situation that may have affected consumption and made organisations to look inward.
Nigeria is a leading producer of Irish potatoes in sub-Saharan Africa with Plateau State producing about 200,000 metric tonnes of Irish potatoes yearly .The importation of French fries attracts 20 per cent tariff and five per cent value added tax from the Federal Government.
Industry experts, who gathered at “The Business of Agriculture Conference,” organised by Vicampro in Lagos said the country could only achieve desired growth in the sector if government identifies key stakeholders, defines their roles and holds them accountable.
