West Africa: Nigeria's Food Imports Surge 16 Percent to $2.5bn

Drying cocoa beans in Ivory Coast (file photo).

By Babajide Komolafe

At the backdrop of the rising food insecurity caused by intensified conflict and climate related shock on farming activities across the country, Nigeria's food importation rose by 16 per cent, year-on-year, to $2.5 billion in 2024 from $2.13 billion in 2023.

Meanwhile, the 2025 World Bank's Food Security Update, one million additional Nigerians experienced acute food insecurity in 2024 due to intensified conflict and climate related shocks such as drought.

Details of data on food imports in the Quarterly Statistical bulletins of the Central Bank of Nigeria, CBN, showed that Nigeria's food imports rose in three out of the four quarters in 2024.

In the first quarter, food imports rose by 40 per cent, quarter-on-quarter, QoQ to $689.88 million from $493.24 million in Q4'23, and by 1.8 per cent, YoY from $677.61 million in Q1'23.

However in the second quarter, Q2'24, food imports dropped to $547.7 million representing 21 per cent QoQ and 20 per cent YoY declines respectively from $ 689.88 million in Q1'24 and $685.37 million in Q2'23.

The upward trend resumed in Q3'24 when food imports rose to $633 million representing 15.7 per cent QoQ and 132 per cent YoY increases respectively from $547.7 million in Q2'24 and $273.11 million in Q3'23.

This trend persisted in Q4'24 with food imports rising by 3.9 per cent QoQ and 33.5 per cent YoY to $658.54 million from $633 million in Q3'34 and N493.24 million.

However, the CBN said that the share of food import in total imports fell to 13.15 per cent in Q4'24 from 18.13 per cent in Q3'24.

"Analysis of import by sector indicated that the industrial sector, mainly raw materials and machinery accounted for the largest share of imports, with 50.41 per cent. This was followed by oil sector (20.24%), food products (13.15%), manufactured products (9.22%), minerals (3.54%), transport (2.94%) and agricultural products (0.50%)," the CBN said in its Quarterly Economic Report for Q4'24.

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