Nigeria Spends $1.8 Billion on Food Imports Amid Rising Inflation

The Central Bank of Nigeria (CBN) has revealed that the country allocated $1.87 billion for food imports in the first nine months of 2024, marking a $235.11 million increase compared to the $1.64 billion spent during the same period in 2023. This highlights a 14.37% increase in foreign exchange for food imports to meet demand. 

The CBN report indicates significant monthly variations in foreign exchange allocations for food imports throughout 2024. In January, usage dropped by 33.08%, falling from $245.69 million in 2023 to $164.43 million in 2024. However, February saw a dramatic rise, nearly doubling to $303.91 million from $163.57 million the previous year.

Despite these fluctuations, the second half of the year showed a sharp increase in forex spending for food imports. In July, allocations increased by 158.82%, reaching $149.91 million from just $57.91 million in 2023. August recorded an even steeper rise of 188.51%, climbing to $275.04 million from $95.33 million the previous year. September also witnessed an increase of 74.13%, reaching $208.68 million compared to $119.87 million in 2023.

This fluctuation trend continues throughout the year, but ends with a substantial increase for the year of 2024. 

The growing reliance on food imports despite ongoing initiatives to boost local agricultural production highlights persistent challenges in Nigeria. 

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