Food imports gulp $2.34bn in 2025 – CBN

Nigeria's expenditure on food imports in 2025 amounted to $2.34 billion, according to fresh data from the Central Bank of Nigeria (CBN). This figure represents a $186.4 million reduction, or a 7.37 percent decline, compared to the $2.53 billion spent in 2024.

Despite the decrease, food imports continue to represent a substantial demand for foreign exchange, with monthly spending remaining above $140 million throughout the year. The highest expenditures were recorded in September ($248.60 million), December ($245.86 million), and July ($229.70 million). Conversely, April saw the lowest spending at $141.13 million. The data indicates a strengthening of food import demand in the latter half of the year, which accounted for $1.28 billion of the total annual bill, compared to $1.07 billion in the first half.

Year-on-year comparisons reveal sharp declines in food import spending in February, March, and August. However, some months, such as July and January, experienced significant increases in import costs compared to the previous year. The overall reduction in the annual food import bill suggests a partial success in curbing foreign exchange demand for food, yet the country's heavy dependence on imported food items persists.

Experts attribute this ongoing reliance to critical issues within the agricultural sector, primarily insecurity and the slow adoption of technology. Femi Egbesola, President of the Association of Small Business Owners of Nigeria, highlighted that farmer displacement due to insecurity has disrupted primary production. He also pointed to outdated farming tools and practices, urging the government to invest in agricultural mechanization and technology integration to boost domestic productivity and reduce the need for imports.

“

Most of the farmers are no longer on the farms because of insecurity. Many farmlands have been deserted. That is where the primary products come from. It is when the farmers plant and harvest. That is when the manufacturers and other users can buy from them and use them as their inputs. This time, many of the farms are deserted.