Nigeria spent a total of $2.34bn on food imports in 2025, according to fresh data released by the Central Bank of Nigeria.
The figure was disclosed in the apex bank’s latest quarterly statistical bulletin, which detailed foreign exchange utilisation across different sectors of the economy.
A breakdown of the report showed that the 2025 food import bill represented a decline from $2.53bn recorded in 2024, reflecting a reduction of $186.4m, or 7.37 per cent.
Despite the year-on-year drop, the data indicates that food imports remained a significant pressure point on Nigeria’s foreign exchange demand, with monthly spending consistently exceeding $140m throughout the year.
The highest monthly expenditure was recorded in September 2025 at $248.60m, followed closely by December at $245.86m and July at $229.70m.
On the other end, the lowest spending was recorded in April at $141.13m, marginally close to March’s $141.30m.
Further analysis shows that import spending intensified in the second half of the year. Between January and June 2025, Nigeria spent $1.07bn on food imports, while the figure rose to $1.28bn between July and December.
This means more than half—about 54.55 per cent—of total food import spending for the year occurred in the latter half.
Year-on-year comparisons also revealed mixed trends. Significant declines were recorded in some months such as February, March and August. For instance, February spending dropped by 35.61 per cent from $303.91m in 2024 to $195.68m in 2025, while March fell by 36.22 per cent from $221.54m to $141.30m.
However, some months recorded notable increases. July rose sharply by 53.23 per cent from $149.91m in 2024 to $229.70m in 2025, while January increased by 29.61 per cent from $164.43m to $213.11m.
Overall, the data suggests that while Nigeria recorded a reduction in annual foreign exchange spent on food imports in 2025, the country still remains heavily dependent on imported food products, leaving it exposed to exchange rate volatility and global price shocks.
Stakeholders in the agricultural and manufacturing sectors have linked the continued dependence on imports to structural challenges in local food production.
The President of the Association of Small Business Owners of Nigeria, Femi Egbesola, attributed the situation largely to insecurity and low mechanisation in agriculture, noting that many farmers have abandoned farmlands due to safety concerns.
He explained that reduced farm activity has weakened the supply chain, affecting manufacturers and food processors who rely on local raw materials.
Egbesola also called for stronger government investment in modern farming techniques, improved access to equipment for smallholders, and greater adoption of agricultural technology to boost productivity.
Similarly, the Association of Food, Beverage and Tobacco Employers has warned that rising taxes, levies, and regulatory pressures could further strain the food production sector.
The group said the industry remains vital to Nigeria’s economy due to its role in employment generation, health, and overall economic stability, urging the government to adopt more supportive and consultative policies.
It added that a more collaborative approach between regulators and businesses is necessary to sustain growth and improve the operating environment for producers in the sector.