Food Imports Ease to $2.34bn as Total FX Use Soars to $47.17bn – CBN

Nigeria’s spending on food imports fell to $2.34 billion in 2025, down 7.37 per cent from $2.53 billion in 2024, the Central Bank of Nigeria (CBN) said in its latest Quarterly Statistical Bulletin.

Although food import bills eased, the drop is sharper when measured as a share of total foreign-exchange (FX) use. Food accounted for 4.97 per cent of total FX utilisation in 2025, down from 9.49 per cent a year earlier, after total FX utilisation rose sharply from $26.65 billion in 2024 to $47.17 billion in 2025.

Monthly pattern

CBN data show food imports averaged $195.3 million per month in 2025. Monthly FX outflows for food were: January: $213.11 million;

February: $195.68 million; March: $141.30m; April: $141.13 million;

May: $202.83 million; June: $171.08 million;

July: $229.70 million; August: $175.55 million; September: $248.60 million (highest month); October: $193.05 million; November: $185.45 million and December: $245.86 million.

The data indicate a modest fall in absolute food import spending alongside a substantial rise in overall FX utilisation. Food import outlays declined by $186.4 million year-on-year even as total FX use rose by $20.52 billion (77 per cent). That pushed food’s share of FX demand down by 4.52 percentage points.

Possible drivers include weaker import demand in some categories, increased domestic substitution, or shifts in the composition of other FX transactions. Yet the $2.34 billion bill confirms Nigeria’s continued dependence on foreign food supplies.

The CBN figures complement National Bureau of Statistics (NBS) trade data showing higher spending on food and beverages in naira terms: NBS-based reporting indicated food and beverage imports rose to about N7.65 trillion in 2025.