CBN says Nigeria spent $2.34 billion on food imports in 2025 despite lower foreign exchange demand.
Nigeria spent approximately $2.34 billion on food imports in 2025, according to the latest data released by the CBN.
Figures contained in the apex bank’s Quarterly Statistical Bulletin, quoted by Nairametrics on Saturday, showed that food import expenditure fell by 7.37 per cent from the $2.53 billion recorded in 2024, suggesting a moderation in demand for imported food products amid efforts to boost domestic agricultural production and improve food security.
The data, however, revealed that food imports continued to exert significant pressure on the nation’s foreign exchange resources, with an average monthly utilisation of $195.28 million throughout the year.
A breakdown of the figures showed that food importers utilised $213.11 million in January, $195.68 million in February, $141.30 million in March, and $141.13 million in April.
The figure rose to $202.83 million in May before easing to $171.08 million in June.
Demand strengthened in the second half of the year as foreign exchange utilised for food imports climbed to $229.70 million in July, moderated to $175.55 million in August, and surged to $248.60 million in September, the year’s highest monthly level.
Food importers also accessed $193.05 million in October, $185.45 million in November, and $245.86 million in December, reflecting sustained demand for imported food products despite foreign exchange market reforms and efforts to encourage local production.