Importation of food products gulped a total of $4.93 billion in 2025 latest Central Bank of Nigeria (CBN) data shows. The amount is 16.34 per cent, or $963.63 million, less than the $5.90 billion that went into the importation of food products in the preceding year.

A breakdown of the apex bank’s 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 and Q4’25 respectively.

In comparison with the corresponding period of the preceding year, the data indicates that the amount stood at $1.65 billion in Q1 2024, $1.33 billion in Q2 2024, $1.60 billion in Q3 and $1.32 billion in Q4.

New Telegraph’s analysis of the CBN’s figures shows that importation of food products consistently gulped a higher amount of foreign exchange than what was consumed by the agriculture sector.

For instance, in its economic report for Q4’2025 released over the weekend, the apex bank stated: “Merchandise import rose to $11.59 billion, from $10.77 billion in the preceding quarter.

“A disaggregation indicated that importation of non-oil products increased to $8.77 billion from $7.02 billion, reflecting seasonal demand for raw materials and machinery in line with strengthening economic activity.

“Conversely, import of petroleum products fell to $2.82 billion, from $3.76 billion, due to increased domestic refining capacity. By share, non-oil imports continued to dominate merchandise imports, accounting for 75.64 per cent of the total, while oil imports constituted the balance.

“A s e c t o r a l decomposition of merchandise imports by foreign exchange utilisation showed that the industrial sector, mainly raw materials and machinery, accounted for the largest share (38.32%), followed by manufactured products (22.37%), oil sector (21.12%), food products (12.26%), transport (4.04%), minerals (1.05%), and agriculture (0.84%).”

Further analysis of the report shows that while the total amount of forex that went into the importation of food products last year was less than what was expended in 2024, there was a significant increase in food products importation in the second half of 2025 compared with the first half.

Analysts attribute the rise in food importation in the latter months of last year to increased liquidity in the foreign exchange market, occasioned by improved capital inflows and CBN interventions, which allowed importers to step up food importation.