Nigeria recorded a decline in food import spending in 2025, with the country’s food import bill dropping to $2.34 billion from $2.53 billion in 2024. The latest figures represent a 7.37 percent decrease and indicate a gradual reduction in the country’s dependence on imported food products.
According to data contained in the Central Bank of Nigeria (CBN) Quarterly Statistical Bulletin, the decline is being viewed by economic experts as a positive sign that Nigeria is beginning to redirect more of its foreign exchange resources toward productive sectors of the economy.
Analysts say the development reflects a shift in how the nation allocates its scarce foreign currency. While food imports remain important, they are now consuming a smaller share of the country’s foreign exchange compared to previous years.
One analyst explained that the reduction suggests Nigeria is slowly relying less on imported food despite ongoing concerns about food security and rising food prices. The trend, according to experts, could support long-term economic growth if local agricultural production continues to improve.
The CBN data showed that Nigeria spent an average of $195.28 million every month on food imports throughout 2025. However, spending varied across different months. The lowest level of food import expenditure was recorded in April, when the country spent $141.13 million. Import demand later increased during the second half of the year and reached its highest point in September at $248.60 million.
Financial experts noted that the increase in food import demand during the third quarter was largely linked to seasonal activities. Businesses and distributors typically increase stock levels ahead of festive periods, resulting in higher import volumes.
Despite these temporary increases, the overall trend remained downward, with total annual spending on food imports lower than the previous year.
One of the most significant findings from the report was the sharp decline in the share of food imports within Nigeria’s total foreign exchange utilisation. In 2024, food imports accounted for 9.49 percent of total forex usage. By 2025, that figure had fallen to just 4.97 percent.
This decline occurred even as the country’s total foreign exchange utilisation expanded significantly. Nigeria’s overall forex usage increased by 77 percent, rising from $26.65 billion in 2024 to $47.17 billion in 2025.
Economic experts believe this suggests that more foreign exchange was directed toward sectors such as manufacturing, industrial production, and business expansion rather than food imports alone.
Finance and economic analyst Sola Adekanmbi said the trend is encouraging because it shows that economic resources are increasingly being invested in productive activities that can support growth, create jobs, and strengthen local industries.
According to him, a larger foreign exchange pool combined with lower spending on food imports is a positive sign for the economy. It indicates that more funds are being channelled into areas that can boost production capacity and reduce dependence on imported goods over time.
As Nigeria continues efforts to diversify its economy, experts believe strengthening local agriculture and industrial production will remain key to sustaining this positive trend.
