Nigeria spends $2.34bn on food imports in 2025, down 7.4%

•Food import share shrinks as total imports jump 28%

By Babajide Komolafe

Nigeria’s spending on food imports declined by 7.4 per cent, year-on-year to $2.34 billion in 2025, signaling a moderation in the country’s dependence on imported food products despite a  sharp increase in overall import expenditure. Data on food imports obtained from the Central Bank of Nigeria, CBN, quarterly statistical bulletin, fourth quarter 2025. Q4’25  showed that food imports fell to $2.343 billion in 2025 from $2.530 billion recorded in 2024, representing a decline of $186.42 million of 7.4 per cent year-on-year.

The decline comes  after food import spending had risen by 18.8 per cent, YoY to $2.53 billion in 2024 from $2.129 billion in 2023, indicating a reversal of the upward trend witnessed in the previous year.

Further analysis revealed that food imports accounted for a smaller share of the nation’s total import bill in 2025. The ratio of food imports to total imports dropped significantly to 11.8 per cent in 2025 from 16.3 per cent in 2024.

The decline in food import share occurred despite relatively stable food import spending, largely because overall imports grew at a much faster pace during the review period.

According to CBN data,  Nigeria’s total imports rose by 28 per cent, YoY  to $19.897 billion in 2025 from $15.544 billion in 2024, representing an increase of $4.353 billion. This followed an earlier rise from $14.276 billion recorded in 2023.

Analysis  of quarterly food import spending indicated that three of the four quarters in 2025 recorded lower import values compared to corresponding periods in 2024.

Food imports declined by 20.3 per cent, YoY to $550.09 million in Q1’25 from $689.88 million in Q1’24. In Q2 ’25, food import spending dropped by 6.0 per cent, YoY to $515.04 million from $547.70 million in Q2’24.

However, Q3’35 recorded the only year-on-year increase during the year, with food imports rising by 3.2 per cent, YoY to $653.85 million from $633.63 million in Q3’24.

The upward movement was short-lived as food import spending fell again in Q4 ’25 by 5.2 per cent, YoY  to $624.36 million from $658.55 million in Q4’24.

The post Nigeria spends $2.34bn on food imports in 2025, down 7.4% appeared first on Vanguard News.

المصدر: Vanguard (NG)