Dollar scarcity, occasioned by the Central Bank of Nigeria (CBN), flexible exchange (forex) rate policy, may have saved the country about $45 million or N14.1 billion at N314 to $1 yearly capital flight used for importing French fries. However, operators put the figure at $200million or N62.8billion.

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.

French fries are finger chips made from potatoes, a crop that is widely grown in many parts of the country.To underscore the importance of this amount saved from capital flight, of the N6.1 trillion National Budget, the allocation to agriculture, which the Federal Government is pushing to spearhead its economic diversification programme, is only a little above N29.75billion. This means that Nigeria’s importation of French fries is about 67 per cent higher than the total spent on agriculture for the whole year.

The development comes as industry experts said Nigeria and the rest of Africa may continue to falter in employment generation, empowerment, economic growth and other opportunities in agribusiness, if sustainable development is not attained in the sector.

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http://guardian.ng/news/nigerians-consume-n62-8b-french-fries-yearly/