The Federal Government has partnered with the Trans-Sahara Consortium to tackle the country’s significant trade deficit by boosting soybean yields, increasing production volumes, and enhancing sugar production capacity.
Nigeria continues to rely heavily on imports for much of its food, with reports indicating that the nation’s agricultural trade deficit reached N1.037 trillion in 2023. This marked the fifth consecutive year in which imports exceeded exports, with agricultural imports totalling N2.281 trillion, while exports stood at only N1.244 trillion.
In a statement issued by the Ministry of Finance on Saturday, following a meeting between the CEO of Trans-Sahara Consortium and the Minister of Finance, Wale Edun, held in Abuja, the ministry said the partnership aims to establish a sugarcane processing plant and cultivate
three million hectares of soybean across the country.
The statement highlighted that the projects are intended to reduce the trade deficit by improving soybean yields, increasing production volumes, and enhancing the nation’s sugar production capacity.
During the meeting, Edun expressed enthusiasm for the partnership, noting that it aligns with President Tinubu’s strategic goals of bolstering food security and strengthening the agricultural sector.
He also stressed the potential transformative impact of these initiatives on Nigeria’s economy through innovation and large-scale farming.
“With a focus on promoting sustainable food production in Nigeria, the Consortium plans to launch large-scale initiatives, including the cultivation of three million hectares of soybean and the establishment of sugarcane processing plants, aiming to produce millions of tonnes of sugar for both domestic consumption and export,” the statement read.
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