Sanusi: Food imports wiped out rice mills, worsened bad loans
The Emir of Kano, Muhammadu Sanusi, says Nigeria’s food import policy wiped out local rice mills and left banks with bad loans from agricultural investment Read More: https://punchng.com/sanusi-food-imports-wiped-out-rice-mills-worsened-bad-loans/
Emir Muhammadu Sanusi has cautioned that opening Nigeria's market to food imports, including rice from Thailand, has led to the demise of local rice mills and placed banks at risk of bad loans. The removal of the petrol subsidy, which initially reduced food prices, now threatens long-term food security and undermines domestic production.
Sanusi urged the government to support poor households without exposing local farmers and businesses to intense competition from imports. He emphasized the importance of prioritizing nutrition, education, infrastructure, and productive investment for economic development. The Emir also criticized Nigeria's approach to food affordability, warning that policies aimed at lowering food prices through imports could undermine agricultural production and jeopardize long-term food security.
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