Nigeria spent $2.34 billion on food imports in 2025, according to new data released by the Central Bank of Nigeria (CBN), highlighting the country’s continued dependence on foreign food supplies despite a slight reduction from the previous year.
The figures, published in the CBN’s quarterly statistical bulletin on foreign exchange utilisation, show a decline from $2.53 billion in 2024, representing a 7.37% drop (about $186.4 million).
However, the report indicates that food imports remained a major driver of foreign exchange demand throughout 2025, with monthly spending consistently exceeding $140 million.
The highest spending was recorded in September 2025 at $248.6 million, followed closely by December ($245.86 million) and July ($229.7 million). The lowest expenditure occurred in April at $141.13 million, almost identical to March’s figure.
CBN data also revealed a shift in spending patterns, with the second half of the year accounting for a larger share of imports. Between July and December 2025, Nigeria spent $1.28 billion, compared to $1.07 billion in the first half of the year. This means over 54% of total annual food import spending occurred in the latter half of the year.
Year-on-year comparisons show mixed trends: spending fell sharply in February, March, and August, while increases were recorded in January and July, reflecting volatile import demand.
Economists say the continued high import bill underscores Nigeria’s reliance on foreign food products, leaving the economy exposed to exchange rate fluctuations and global price shocks.
Stakeholders in the agricultural sector blame the situation on insecurity, poor mechanisation, and low productivity, which they say have forced many farmers away from their farms.
Business leaders have also warned that excessive taxation and regulatory pressure on the food and beverage industry could further weaken local production capacity.
Despite the slight decline in total imports, analysts say Nigeria’s food import dependence remains a key economic vulnerability.
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