Nigeria spent $2.34 billion on food imports in 2025, according to the latest Quarterly Statistical Bulletin released by the Central Bank of Nigeria (CBN).
The figure represents a 7.37 per cent decline from the $2.53 billion recorded in 2024, indicating a moderation in food-related foreign exchange demand despite the country’s continued reliance on imported food products.
The CBN data also showed that the share of food imports in total foreign exchange utilisation dropped significantly from 9.49 per cent in 2024 to 4.97 per cent in 2025.
This came as total foreign exchange utilisation rose sharply from $26.65 billion in 2024 to $47.17 billion in 2025.
According to the bulletin, food imports accounted for an average monthly forex utilisation of $195.28 million in 2025.
Monthly utilisation stood at $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 declining to $171.08 million in June.
In the second half of the year, demand for food imports strengthened, rising to $229.70 million in July, $175.55 million in August and peaking at $248.60 million in September, the highest monthly figure recorded in 2025.
Food importers also utilised $193.05 million in October, $185.45 million in November and $245.86 million in December.
Although food imports remained substantial, their share of overall forex utilisation declined by 4.52 percentage points year-on-year, reflecting increased foreign exchange demand across other sectors of the economy.
Overall foreign exchange utilisation increased by $20.52 billion, representing a 77 per cent rise from $26.65 billion in 2024 to $47.17 billion in 2025.
In contrast, food import-related forex utilisation declined by $186.40 million during the period.
The decline in food import spending may indicate reduced import demand or improved local substitution in some food categories.
However, the continued expenditure of over $2.3 billion on food imports underscores Nigeria’s heavy dependence on foreign food supply chains.
