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 air jordan 4 mars blackmon 2024 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 adidas for big and tall 3 stripes tricot pants size – SchaferandweinerShops KR – ‘Superstar Boot’ sneakers adidas for Originals.
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.
