Food imports gulp $2.34bn in 2025 – CBN

Nigeria spent $2.34bn on food imports in 2025, fresh data from the Central Bank of Nigeria has shown.

The figure was contained in the CBN’s latest quarterly statistical bulletin on sectoral utilisation of foreign exchange.

An analysis of the data showed that the 2025 food import bill was lower than the $2.53bn recorded in 2024 by $186.4m, representing a 7.37 per cent decline.

Despite the drop, the figures indicate that food imports remained a major source of foreign exchange demand, with monthly spending staying above $140m throughout the year.

The highest monthly food import expenditure in 2025 was recorded in September at $248.60m, followed by December with $245.86m and July with $229.70m.

The lowest spending was recorded in April at $141.13m, almost unchanged from March’s $141.30m.

Further analysis showed that food import demand strengthened in the second half of the year. Between January and June 2025, the country spent $1.07bn on food imports, compared with $1.28bn between July and December.

This means that 54.55 per cent of the total food import bill for 2025 was recorded in the second half of the year.

Year-on-year, food import spending fell sharply in February, March and August. It declined by 35.61 per cent from $303.91m in February 2024 to $195.68m in February 2025, while March dropped by 36.22 per cent from $221.54m to $141.30m.

However, some months recorded increases. July rose by 53.23 per cent from $149.91m in 2024 to $229.70m in 2025, while January rose by 29.61 per cent from $164.43m to $213.11m.

The data suggests that although Nigeria reduced its annual food import-related foreign exchange demand in 2025, the country remained heavily dependent on imported food items, exposing consumers to exchange-rate pressure and global commodity price movements.

The President of the Association of Small Business Owners of Nigeria, Femi Egbesola, recently explained that insecurity and low technological adoption in agriculture were among the main reasons Nigeria continued to rely on food imports.

Egbesola said, “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.”

He noted that Nigeria’s agricultural productivity remained well below global standards due to outdated tools and practices. He urged the government to integrate technology into farming, upgrade equipment for smallholder farmers, and invest in agricultural mechanisation to close the production gap.

The Association of Food, Beverage, and Tobacco Employers earlier cautioned the Federal Government against what it described as excessive taxation, arbitrary levies, and poor regulatory engagement, warning that these policies could threaten the survival of businesses in Nigeria’s food and beverage sector.

According to a statement, President of the AFBTE, Chinedum Okereke, gave the warning during the association’s 47th Annual General Meeting held recently in Lagos.

He stated that the food and beverage industry remained a critical pillar of the Nigerian economy because of its significant contributions to employment, public health, and economic growth. He added that government policies should support the sector rather than weaken it.

Okereke noted that many companies in the industry are struggling with rising operational costs and multiple taxes and charges imposed by government agencies without adequate consultation.

“The food and beverage sector remains a major player in the Nigerian economy in terms of its criticality to the financial and physical health of the nation, as well as the well-being of the people. Government support is therefore imperative,” Okereke said.

He added that the relationship between government institutions and businesses should be driven by collaboration, dialogue, and fairness to create a sustainable business environment.