Nigeria's Food Import Spending Drops to $2.34 Billion in 2025

According to the Central Bank of Nigeria's latest quarterly statistical bulletin, Nigeria's spending on food imports in 2025 was $2.34 billion, a decrease of 7.37% from $2.53 billion in 2024. This decline suggests a moderation in food-related foreign exchange demand, despite Nigeria's ongoing reliance on imported food products.

The share of food imports in total foreign exchange utilization sharply dropped from 9.49% in 2024 to 4.97% in 2025. During this period, total foreign exchange utilization rose from $26.65 billion in 2024 to $47.17 billion in 2025.

Monthly food import consumption averaged $195.28 million in 2025, with specific figures of $193.05 million in October, $185.45 million in November, and $245.86 million in December. The decrease in food import expenditure indicates weaker import demand and improvements in local substitutes, although Nigeria remains heavily dependent on foreign food supply chains.

Opeoluwa Runsewe, CEO of Terroso Group, noted structural inefficiencies and global disruptions affecting Nigeria's logistics and food security challenges.