Nigeria’s food import bill increased by 16% year-on-year, reaching $2.5 billion in 2024, up from $2.13 billion in 2023. The rise in imports comes amidst growing food insecurity, worsened by intensified conflicts and climate-related shocks that have disrupted farming across the country. According to the World Bank’s 2025 Food Security Update, the number of Nigerians facing severe food insecurity grew by one million in 2024, partly due to droughts and conflicts.
Data from the Central Bank of Nigeria’s Quarterly Statistical Bulletins reveals fluctuating food import trends in 2024. Food imports rose by 40% from the previous quarter in the first quarter, reaching $689.88 million. This was slightly increased by 1.8% compared to the same period in 2023. However, the second quarter saw a decline in imports, dropping 21% from Q1 to $547.7 million, 20% lower than in Q2 of 2023.
Food importation surged again in the third quarter, rising by 15.7% from Q2 to $633 million. This was a significant increase of 132% year-on-year, compared to $273.11 million in Q3 2023. The upward trend continued into the fourth quarter, with food imports rising by 3.9% from Q3 to a total of $658.54 million, marking a 33.5% increase compared to the same quarter in 2023.
Despite the Naira’s appreciation, food importation still accounted for a large share of total imports, though it decreased to 13.15% in Q4 2024, down from 18.13% in Q3. The largest share of imports was from the industrial sector, primarily raw materials and machinery, which comprised 50.41% of the total, followed by the oil sector at 20.24%.
