Nigeria’s Food Import Bill surges to $2.5 Billion amid rising Insecurity

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Nigeria’s food import bill rose by 16% year-on-year to $2.5 billion in 2024, driven by rising food insecurity caused by intensified conflict and climate-related shocks on farming activities across the country. According to data from the Central Bank of Nigeria (CBN), the increase in food imports was evident in three out of four quarters in 2024.

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In the first quarter, food imports surged by 40% quarter-on-quarter to $689.88 million and by 1.8% year-on-year. Although food imports dropped in the second quarter, the upward trend resumed in the third quarter, with imports rising to $633 million, representing 15.7% and 132% increases quarter-on-quarter and year-on-year, respectively. This trend persisted in the fourth quarter, with food imports reaching $658.54 million

Despite the increase in food imports, the CBN noted that the share of food imports in total imports fell to 13.15% in the fourth quarter from 18.13% in the third quarter. “Analysis of imports by sector indicated that the industrial sector, mainly raw materials and machinery, accounted for the largest share of imports, with 50.41%,” the CBN said in its Quarterly Economic Report for Q4’24.

The World Bank’s Food Security Update also reported that one million additional Nigerians experienced acute food insecurity in 2024 due to intensified conflict and climate-related shocks such as drought. The rising food insecurity has contributed to the country’s increased reliance on food imports.

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