Nigerians spend as much as N25.2bn on feeding themselves on a daily basis according to a recent report released by NOI Polls.
The report stated that about 80% of Nigerians which is about 140 million of the nation’s population of 175 million spend at least $1 which is about N160 on food daily. This amounts to N22.4bn while the remaining 35 million people spend an average of half a dollar which is approximately N80 amounting to N2.8bn per day making a total average daily food spend of N25.2bn by the country’s general population.
Going by these figures, all the food consumed in the country in one year sums up to about N9.2tn, of which 14% of this which amounts to about N1.3tn is imported. This is an opportunity for massive investment for investors who are expected to seize the opportunities in food businesses.
The average Nigerian spends about 72.97% of his or her earnings on food
Out of this figure, more than 70% is expended daily on local food stuffs and commodities.
Among the most prominent of the local food stuffs and commodities daily consumed by Nigerians from all strata, age and tribe include;
- Sea foods (Cray Fish, Dry Fish, Stock Fish, Smoked Fish)
- Palm Oil
- Vegetable Oil
- Local Soup and Stew Condiments (Cut Across Different Tribes in Nigeria)
- Local Vegetables (Oha, Bitter leaf, Ewedu leaf, Ugu, etc)
Most of these food stuffs and commodities are largely locally sourced and constitute more than 80% of the essential ingredients and condiments needed to make the average Nigerian day to day meals and dishes.
Most of these local food stuffs and commodities are largely purchased by Nigerians daily from the conventional traditional open air markets and neighbourhood stores.
A visit to any of these markets, readily found in neighbourhoods and within every estate will bring you to the shocking reality of the irresistible and helpless day to day rush by Nigerians from all classes and life strata (Mothers, working class, Men, Children etc) to lay their hands on one local food stuff or the other.
However, a close observation among the different food commodities vendors and local food stuffs shop owners would most clearly reveal to you that more than 95% of these traders and shop owners are actually aged and elderly women and in fewer cases men in their late 40s and early 50s.
As I chronicle the activities, trading experience, abundant wealth creation and income opportunities in these markets and commodities, the key thoughts and questions that keep occupying my mind daily are;
- Why are the youths missing in the trading action?
- Are the youths ignorant of the wealth and income potentials of these commodities and their trading?
In an effort and bid to resolve these questions and to motivate youths to take up these food commodities and their trading as a veritable means of income generation, and also to provide a platform that will see youths revolutionizing the way local food stuffs and commodities are currently being traded in the local traditional open air markets, Agro News Nigeria is embarking on an education and information series on local food stuffs and food commodities trading with the following objectives;
- Enlighten youths on how they can invest and create income trading in these identified highly sought for local food and food commodities.
- Enlighten Youths on how they can adopt technologically driven platforms and innovations to change the traditional open air market’s approach to food stuffs sales and trading.
- Assist interested youths in forming and registering food commodities trading cooperatives in batches of 10 members (Each member providing an appropriate surety.
- These cooperatives will be made up of members from different areas and roles shared across sourcing, trading, retailing, accounts etc
- Agro News Nigeria along with partners will be providing seed capitals in form of matching grants for each of the cooperatives to trade across a range of local foods and food commodities.
Stay connected to the series as we hold each other’s hands in the journey towards wealth creation through agribusiness and food commodities business.
Have a Delightful, Agroful and Foodful weekend!
Chika Okeke is the CEO and Editor – In – Chief, Agro News Nigeria. www.agronewsng.com.