Nigeria spent $2.34 billion on food imports in 12 months ended December 2025, data from the Central Bank of Nigeria (CBN’s) latest Quarterly Statistical Bulletin has shown.
The expenditure represents a 7.37 per cent decline from the $2.53 billion recorded in 2024, showing a moderation in food-related foreign exchange demand despite Nigeria’s continued reliance on imported food products.
Also, the per centage of food imports in total foreign exchange utilisation fell more sharply, dropping from 9.49 per cent in 2024 to 4.97 per cent in 2025, as total foreign exchange utilisation rose from $26.65 billion to $47.17 billion during the period.
The apex bank data showed that food imports consumed an average of $195.28 million monthly in 2025.
Likewise, the monthly utilisation stood at $213.11 million in January, $195.68 million in February, $141.30 million in March and $141.13 million in April. It further rose to $202.83 million in May before easing to $171.08 million in June.
In the second half of 2015, food import demand strengthened, rising to $229.70 million in July, $175.55 million in August and $248.60 million in September, the highest monthly figure in 2025.
Further analysis of the report showed that food importers also utilised $193.05 million in October, $185.45 million in November and $245.86 million in December.
Although food imports remained significant, their share of total foreign exchange utilisation declined by 4.52 percentage points, from 9.49% in 2024 to 4.97 per cent in 2025.
This means food imports took up a smaller portion of overall forex demand, even though the economy used more foreign exchange across sectors.
Total foreign exchange utilisation increased by $20.52 billion, or 77 per cent, from $26.65 billion in 2024 to $47.17 billion in 2025.
By contrast, food import utilisation fell by $186.40 million, from $2.53 billion to $2.34 billion. The decline in food import spending may suggest weaker import demand or improved local substitution in some categories.
However, the continued use of more than $2.3 billion for food imports shows that Nigeria still depends heavily on foreign food supply chains.
The figures were based on the Foreign Trade Statistics report released by the National Bureau of Statistics (NBS).