Nigeria’s food import bill drops to $2.34bn as forex use shifts
By Aboki Forex —
Nigeria’s food import bill fell to $2.34bn in 2025. That is a 7.37% decline from the $2.53bn recorded the previous year. Financial analysts say this signals a critical shift in the nation’s economic priorities.
“We are seeing a structural realignment in how the country allocates its hard currency,” one analyst said, reviewing data from the Central Bank of Nigeria’s latest Quarterly Statistical Bulletin. “The drop in food-related foreign exchange demand suggests a moderation in import reliance, even as Nigeria continues to navigate food security challenges.”
CBN data showed that food imports consumed an average of $195.28m monthly in 2025. The first half of the year recorded a low of $141.13m in April. Demand strengthened in the latter half, peaking at $248.60m in September.
A CBN official, speaking on condition of anonymity, explained the monthly fluctuations. “The spikes in the third and fourth quarters, particularly the September peak, reflect traditional seasonal stocking ahead of the festive period. However, the macro trend remains clear. The overall trajectory for food import financing is leaning downward.”
The most striking change in the CBN bulletin was not the decline in food spending. It was the shrinking weight of food imports in the wider economy. Their share of total foreign exchange utilisation fell sharply from 9.49% in 2024 to just 4.97% in 2025.
This sharp decline occurred because Nigeria’s total foreign exchange utilisation expanded by 77%. It climbed from $26.65bn to $47.17bn over the 12-month period.
“Food imports took up a much smaller portion of overall forex demand, even though the economy used substantially more foreign exchange across other vital sectors,” the CBN report stated.
Finance and economic expert Sola Adekanmbi said this expansion indicates a resurgence of activity in non-agricultural sectors. Manufacturing and industrial retooling required heavier capital injections in 2025.
“An expanding forex pie coupled with a shrinking food bill is exactly what the economy needs to witness for sustainable long-term growth,” Adekanmbi said. “It implies that liquidity is increasingly being directed toward productive capacity and industrial inputs rather than consumption.”