Nigeria's Food Imports Decline to $2.34 Billion in 2025

In 2025, Nigeria's food import bill reached $2.34 billion, down from $2.53 billion in 2024, according to the Central Bank of Nigeria's latest quarterly statistical bulletin. Despite this decline, food imports continue to be a major source of foreign exchange demand, with monthly spending consistently above $140 million.

The highest monthly expenditure was recorded in September at $248.60 million, while the lowest was in April at $141.13 million. The first half of 2025 saw $1.07 billion spent on food imports, compared to $1.28 billion in the second half.

Femi Egbesola, President of the Association of Small Business Owners in Nigeria, attributed the reliance on food imports to insecurity and low technological adoption in agriculture. Chinedum Okereke, President of the Association of Food, Beverage and Tobacco Employers, warned that excessive taxation and poor regulatory engagement threaten the survival of businesses in the food and beverage sector, which is crucial for Nigeria's economy.