Nigeria’s food import bill rose sharply by 16% in 2024, reaching $2.5 billion compared to $2.13 billion in 2023, as the country battles intensifying food insecurity triggered by violent conflict and climate-related shocks.
According to the 2025 World Bank Food Security Update, an additional one million Nigerians experienced acute food insecurity in 2024 due to escalating violence and extreme weather events, including prolonged droughts that continue to disrupt farming activities across the country.
Data from the Central Bank of Nigeria (CBN), as published in its Quarterly Statistical Bulletins, shows that food importation rose in three out of four quarters in 2024—signaling a growing dependence on external food sources despite government efforts to boost local agricultural production.
Quarterly Breakdown of Food Imports in 2024
- Q1 2024: Food imports surged by 40% quarter-on-quarter (QoQ) to $689.88 million from $493.24 million in Q4 2023. Year-on-year (YoY), this was a modest 1.8% rise from $677.61 million in Q1 2023.
- Q2 2024: A dip occurred as imports fell to $547.7 million—marking a 21% QoQ and 20% YoY decrease from Q1 2024 and Q2 2023, respectively.
- Q3 2024: The upward trend resumed with imports climbing to $633 million, up 15.7% QoQ and a staggering 132% YoY from $273.11 million in Q3 2023.
- Q4 2024: The year ended with food imports rising again to $658.54 million—an increase of 3.9% QoQ and 33.5% YoY.
Despite this growth, the CBN noted that the share of food imports relative to total imports declined to 13.15% in Q4 2024, down from 18.13% in Q3 2024.
Industrial Sector Dominates Imports
The CBN’s Quarterly Economic Report for Q4 2024 further broke down Nigeria’s import structure:
“Analysis of imports by sector indicated that the industrial sector, mainly raw materials and machinery, accounted for the largest share of imports at 50.41%. This was followed by the oil sector (20.24%), food products (13.15%), manufactured goods (9.22%), minerals (3.54%), transport (2.94%), and agricultural products (0.50%),” the report stated.
Outlook
Experts warn that unless urgent actions are taken to address insecurity and climate resilience in agriculture, Nigeria’s reliance on imported food may continue to climb—posing risks to food sovereignty and national economic stability.
