‘Nigeria Reportedly Losing $30bn To Imported Food Items’
The Fedeeral Government has been advised to invest more in the areas of agricultural development and food processing to save Nigeria an estimated $30 billion expended on importation of foreign foods and agro-allied products annually.
Speaking exclusively with Daily Sun, Foremost industrialist and President/CEO of Erisco Foods Limited, Chief Eric Umeofia, decried such huge capital flight arising from Nigerians; support for farmers and agro-allied processors in China and India to the detriment of the local economy.
He urged the Muhammadu Buhari administration to demonstrate the necessary courage to ban imports of foods and to encourage the growth and sustenance of indigenous investments in the agricultural and food processing business. The Erisco Foods boss who attributed the rising cases of renal failures and other terminal diseases among Nigerians to the consumption imported foods including tomato paste from Asia, said the easiest way to check such ugly trends would be to ban substandard foods coming into the country.
He regretted that foreign manufacturers have continued to collaborate with Nigerian agencies to undermine the country’s economic interest by dumping products they cannot even consume in their home countries.
Umeofia also called for major reforms in NAFDAC and Customs Service, the two regulatory institutions with responsibility for checking quality of goods entering the country, noting that it was the leakages from these establishments that have aided foreign firms engaging in dumping of sub-standard foods in the country.