• Nigeria’s stock market posts unprecedented N5.1trn daily gain Inflation rate drops to 15%

Foreign exchange supplied by the Central Bank of Nigeria (CBN) for the importation of food products into the country between January and September last year amounted to $3.52 billion, findings by New Telegraph show.

An analysis of the economic report for Q3’ 2025 recently released by the apex bank as well as its quarterly economic reports for Q1 and Q2’25, indicates that the amount of forex that went into the importation of food products in the first nine months of 2025 is 23.16 per cent, or $1.06 billion, less than the $4.58 billion recorded for the corresponding period of 2024.

A breakdown of the data shows that the amount of forex expended on food products importation stood at $1.11 billion in Q1’25, $987.12 million in Q2’25 and $1.42 billion in Q3’25.

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 Q2’24 and $1.60 billion in Q3’24. According to the CBN, the increase in merchandise imports in Q3’25 compared with the preceding quarter, reflected, “stronger demand for raw materials and machinery in line with sustained growth in economic activity.”

As the apex bank put it in the economic report for Q3’25, “merchandise imports rose to $10.30 billion, from $9.61 billion in the preceding quarter. A disaggregation indicates that the import of non- oil products rose to $7.08 billion from $6.68 billion in the preceding quarter, reflecting stronger demand for raw materials and machinery in line with sustained growth in economic activity.

“Similarly, import of petroleum products increased to $3.22 billion, from $2.93 billion in the preceding quarter, to further augment domestic supply. In terms of share, non-oil imports continued to dominate merchandise imports, accounting for 68.74 per cent of the total, while oil imports constituted the balance.”

Analysts attribute the increase in food importation in the third quarter of last year to exchange rate stability and 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 was likely, “to remain broadly stable through 2025, underpinned by ongoing Central Bank of Nigeria (CBN) reforms and improved portfolio inflows.”

However, industry watchers also note that in the wake of the 2025 World Bank’s “Food Security Update,” which stated 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 stepped up its support for efforts aimed at addressing food insecurity in the country.