Miller Magazine Issue: 140 August 2021

77 Country Profile MILLER / august 2021 Nigeria relies on imports to meet its food and agricultural product needs, mostly wheat, rice, poultry, fish, food services, consumer-oriented foods. This makes trade in food and agricul- tural products an important component in achieving the country’s food secu- rity needs. Europe, Asia, USA, South America, and South Africa are the ma- jor competitors. Nigeria is expected to face decreases in grain supplies due to conflict and economic factors ex- acerbated by the secondary effects of COVID-19. Nigeria, an oil-rich country and 207 million population accounts for 50 percent of West Africa’s population. The country population, forecast to reach 400 million by 2050, is a youthful with national median age of approximately 18.4 years and 50% of the total population live in the urban centers. In 2019, Nigeria’s GDP reached $475 billion, posi- tioning the country as the largest economy in Africa. Oil and gas exports account for about 11 percent of the national GDP, 95 percent of its total export earnings, and about 85 percent of the country’s total revenue. Gross do- mestic product (GDP) averaged about $440 billion over the last 5 years. In 2020, the economy shrank by -8.9 per- cent because the country’s budget was 90 percent funded by revenue from oil and gas exports. Low oil prices and the continuing COVID-19 economic fallout are increasing the country’s government debt and the country’s economic re- cession since November 2020. GRAIN MARKET IN NIGERIA