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/
Nigeria's Emir, Muhammadu Sanusi, has warned that the country's decision to allow food imports, such as Thai rice, has harmed local rice mills and left banks with bad loans. Sanusi argued that while lowering food prices through imports helped in the short term, it undermined domestic production and threatened long-term food security.
He called on the government to support poor households without exposing local farmers and businesses to intense competition from imports. Sanusi also raised concerns about Nigeria's infrastructure priorities, emphasizing the need for better connectivity between rural communities and essential services. He highlighted that the country spent about 100% of its revenue on debt servicing and called for fiscal reforms accompanied by transparency, accountability, and measures to protect vulnerable households.
Sanusi emphasized that Africa's development challenge lies in converting resources, policies, and capital into productive capacity, capable institutions, and broadly shared prosperity.
Written by urgent.news from Punch Nigeria's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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