Nigeria Spent N1.18 Trillion on Food Imports, Banned Items in 17 Months

26 July 2015

Abuja — Nigeria spent a total of N1.18 trillion (about $7.4 billion) on the importation of toothpicks, fish, milk, textiles, rice and furniture between 2014 and May 2015, it was gathered. According to figures obtained from the Central Bank of Nigeria (CBN), fish imports gulped $1.39 billion while milk and rice imports accounted for $1.33 billion and $51 million respectively.

These commodities are among 40 items which were recently included on the list of items banned from accessing foreign exchange at the Nigerian Exchange Window by the CBN partly because of the undue pressure they exert on the local currency as well as the economic implication of such imports on the local industries. CBN Governor, Mr. Godwin Emefiele, had contended that restricting selected item from accessing forex had become inevitable in order to reduce pressure on external reserves which had seen drastic decline as the apex bank has had to utilise it to defend the naira following the volatility in the oil market.

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