The oil-rich Nigeria relies heavily on food and agricultural imports (mostly wheat, rice, poultry, fish, food services, consumer-oriented foods, etc.), valued about $10 billion to feed its more than 206 million people. Europe, Asia, USA, South America, and South Africa are the major competitors. However, low oil prices and the continuing consequences of the COVID-19 lockdown restrictions have continued to increase Nigeria’s government debt. Currently, the economy is in a recession. To survive the recession, the government continues to borrow more as the economy struggles. This situation is unlikely to change in the short to medium term.