Importation of food products gulped a total of $2.59 billion between January and July this year, latest Central Bank f Nigeria (CBN) shows. New Telegraph’s analysis of the apex bank’s recently released monthly economic report for July 2025, as well as its quarterly economic reports for Q1 and Q2’25, however, indicates that the amount of forex that went into the importation of food products in the first seven months of this year, is 23.79 per cent, or $807.93 million, less than the $3.39 billion recorded for the corresponding period of 2025.
A breakdown of the data shows that the amount of forex expended on food products importation stood at $1.11 billion in Q1 2025, $987.12 million in Q2 2025 and $495.95 million in July. In comparison with the corresponding period of last year, the data shows that the amount stood at $1.65 billion in Q1 2024, $1.33 billion in Q2 2024 and $421.41 million in July.
Although the data indicates that, overall, the amount of forex expended on food products importation in the first seven months of this year is less than what was recorded for the same period of 2024, the CBN’s economic report for July 2025 shows that there was an increase in the amount in July this year compared with the preceding month and the corresponding period of last year.
The report said:”Import bills increased by 25.09 per cent to $3.54 billion, from $2.83 billion in the preceding month. A disaggregation indicated that non-oil import increased by 23.30 per cent to $2.64 billion from $2.14 billion. Similarly, the importation of petroleum products increased to $0.90 billion from $0.69 billion in the preceding month.
“Analysis of sectoral utilisation of foreign exchange for visible imports showed the industrial sector as the highest user of foreign exchange with a share of 37.02 per cent, followed by the oil sector (23.12%), manufactured products (20.29%), food products (14.01%), transport (3.10%), agriculture (1.77%) and minerals (0.69%).”
Analysts attribute the rise in food importation in recent months to increased liquidity in the foreign exchange market, occasioned by improved capital inflows and CBN interventions, which have allowed importers to step up food importation to tackle the country’s food crisis.
For instance, in its report titled, “Mid-Year Review and Updates: H2 2025 Economic Outlook,” PricewaterhouseCoopers (PwC) Nigeria predicted that the naira is likely, “to remain broadly stable through 2025, underpinned by ongoing Central Bank of Nigeria (CBN) reforms and improved portfolio inflows.”
Also, with the 2025 World Bank’s “Food Security Update,” stating that one million additional Nigerians experienced acute food insecurity in 2024 as result of intensifying conflicts worldwide and climate related shocks, such as drought, the Federal Government has stepped up its efforts to address food insecurity.
Indeed, on July 8, 2024, the government announced a 150-day dutyfree import window for food commodities to ensure a reduction in food inflation in the country. The food commodities included maize, husked brown rice, wheat, and cowpeas. The government explained at the time that the programme was meant to help cushion the effects of various factors contributing to food scarcity and price hikes.
