Nigeria Spends 67% More on French Fries Imports Than Agriculture

Dollar scarcity, occasioned by the Central Bank of Nigeria (CBN), flexible exchange (forex) rate policy, may have saved the country about USD45m or N14.1bn at N314 to USD1 yearly capital flight used for importing French fries. However, operators put the figure at USD200m or N62.8bn.

The forex policy has made it difficult for fast foods operators and supermarkets to continue with the importation of French fries, which Nigerians consume with relish, according to www.today.ng.

French fries are finger chips made from potatoes, a crop that is widely grown in many parts of the country.

To underscore the importance of this amount saved from capital flight, of the N6.1tn National Budget, the allocation to agriculture, which the Federal Government is pushing to spearhead its economic diversification program, is only a little above N29.75bn. This means that Nigeria’s importation of French fries is about 67% higher than the total spent on agriculture for the whole year.