Industrial Food Sector Accounts for 56.88% of October’s $1.47 Billion Forex Allocation

In October 2024, Nigeria’s industrial food sector utilized 56.88% of the $1.47 billion in foreign exchange allocated for imports, according to recent data. This significant share underscores the sector's heavy reliance on imported raw materials and finished products to meet rising domestic demand.

The Central Bank of Nigeria (CBN) facilitated the forex allocations as part of its efforts to support critical sectors of the economy. The industrial food segment's dominance highlights its role as a key driver of forex demand, driven by increased production activities and the need to supplement local agricultural shortfalls.

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