Nigeria spent $1.87 billion on food imports in the first nine months of 2024, reflecting a $235.11 million increase from 2023. Monthly allocations fluctuated, with notable spikes in the latter half of the year. This trend highlights reliance on imports amid challenges in domestic agriculture.
In the first nine months of 2024, Nigeria’s food import expenditure reached $1.87 billion, according to the Central Bank of Nigeria (CBN). This marked an increase of $235.11 million from $1.64 billion during the same timeframe in 2023, amounting to a 14.37% rise in foreign exchange allocated for food imports to satisfy local demand.
Monthly allocations for food imports revealed considerable fluctuation throughout the year. In January, allocations dipped by 33.08%, decreasing from $245.69 million in 2023 to $164.43 million. However, the following month, allocations surged to $303.91 million, nearly double the $163.57 million recorded in February 2023.
The latter half of 2024 witnessed a pronounced increase in foreign exchange spending on food imports. Notably, July allocations rose by 158.82%, increasing to $149.91 million from $57.91 million in 2023. August saw an even steeper rise of 188.51%, reaching $275.04 million from $95.33 million, and September recorded a 74.13% increase, up to $208.68 million from $119.87 million last year.
Despite these varied foreign exchange allocations, the total food import expenditure for 2024 showcased significant growth. This continuous reliance on food imports highlights persistent challenges in Nigeria’s agricultural sector, irrespective of numerous initiatives intended to enhance local production.
Nigeria’s food import costs have risen substantially in 2024, reflecting increasing foreign exchange allocations despite a fluctuating monthly trend. The pronounced dependency on imported food indicates ongoing issues within the agricultural sector, even as efforts to promote domestic production continue.
Original Source: osundefender.com
