Nigeria Spends $1.8bn On Food Imports Despite Rising Inflation
The Central Bank of Nigeria (CBN) has disclosed that the country spent $1.87 billion on food imports in the first nine months of 2024.
This represents a $235.11 million increase from the $1.64 billion recorded in the same period in 2023.
This reflects a 14.37% rise in foreign exchange allocations for food imports to meet local demand.
According to the CBN report, monthly foreign exchange allocations for food imports fluctuated significantly throughout 2024.
In January, the figure dropped by 33.08%, declining from $245.69 million in 2023 to $164.43 million.
However, February recorded a sharp increase, nearly doubling to $303.91 million from $163.57 million in the previous year.
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The latter half of the year saw a notable surge in forex spending on food imports.
In July, allocations jumped by 158.82%, rising to $149.91 million from $57.91 million in 2023.
August recorded an even steeper rise of 188.51%, reaching $275.04 million from $95.33 million.
Similarly, September saw a 74.13% increase, climbing to $208.68 million from $119.87 million the previous year.
Despite fluctuations in forex allocations, the overall spending on food imports for 2024 showed a significant increase.
The continued dependence on imported food, despite various initiatives aimed at boosting local agricultural production, underscores persistent challenges within Nigeria’s agricultural sector.
Titilope Adako is a talented and intrepid journalist, dedicated to shedding light on the untold stories of Osun State and Nigeria. Through incisive reporting, she tackles a broad spectrum of topics, from politics and social justice to culture and entertainment, with a commitment to accuracy, empathy, and inspiring positive change.
