Nigeria's Food Imports Surge to $1.19 Billion in 2026

In the first half of 2026, Nigeria's food import bill totaled $1.19 billion, an increase of $121.52 million or 11.41% from $1.07 billion in the same period of 2025. The Central Bank of Nigeria's Quarterly Statistical Bulletin revealed that foreign exchange utilization for food imports rose in five of the six months, with only February showing a decline.

January's spending increased to $232.05 million from $213.11 million in January 2025, while February saw a drop to $150.87 million from $195.68 million. The highest increase occurred in April, with spending surging by 54.28% to $217.74 million.

The second quarter saw a 26.38% rise in spending, totaling $650 million, which contributed significantly to the overall increase. Despite government initiatives to enhance domestic food production, industry stakeholders, including Femi Egbesola, President of the Association of Small Business Owners of Nigeria, cited insecurity and inadequate technological adoption as major barriers to improving local agricultural output.