Nigeria's Forex Utilization to Surge 77% by 2025

Nigeria's total foreign exchange utilization is anticipated to increase by 77% in 2025, climbing to $26.65 billion from $14.17 billion in 2024. This surge is attributed to a significant rebound in the non-agricultural manufacturing sector, as noted by financial expert Sola Adekanmbi.

The report suggests that a major retooling of the manufacturing industry will require substantial capital investment. Furthermore, Nigeria's food import bill is projected to decrease to $2.34 billion in 2025, marking a 7.37% decline from the previous year's $2.53 billion.

This shift indicates a critical transition in Nigeria's economic priorities, with a focus on increasing domestic production capacity rather than consumption. The Central Bank of Nigeria's latest quarterly statistical bulletin reveals that food imports accounted for a smaller portion of overall foreign exchange demand, dropping from 9.49% in 2024 to 4.97% in 2025.

Monthly fluctuations in food import demand were observed, particularly peaking in September due to seasonal stock preparations.