Dollar scarcity, occasioned by the Central Bank of Nigeria’s (CBN) flexible exchange (forex) rate policy, may have saved the country about $45 million or N14.1 billion in French fries imports. However, operators still put the figure at $200million or N62.8billion annually.
The forex policy has made it difficult for fast foods operators and super markets to continue with the importation of French fries, which Nigerians consume with relish. 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 of 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 the 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. More