Nigeria spent $1.87 billion on food imports in the first three quarters of 2024, an increase of $235.11 million from 2023. Monthly foreign exchange allocations showed significant fluctuations, with the latter half of the year seeing dramatic increases. This reliance on imports reflects ongoing challenges in the agricultural sector, despite local production initiatives.
The Central Bank of Nigeria (CBN) reports that the nation expended $1.87 billion on food imports over the first nine months of 2024, marking a $235.11 million rise from the $1.64 billion recorded in the same timeframe in 2023. This indicates a 14.37% increase in foreign exchange allocations to fulfill local food demand.
Throughout 2024, there were significant fluctuations in monthly foreign exchange allocations for food imports. For instance, January saw a decline of 33.08%, with allocations falling from $245.69 million in the previous year to $164.43 million. In contrast, February experienced a notable rebound, as allocations nearly doubled to $303.91 million from $163.57 million in 2023.
The latter half of 2024 witnessed substantial increases in forex spending for food imports. In July, allocations surged by 158.82%, rising to $149.91 million from $57.91 million in the previous year. August far surpassed this figure, with an increase of 188.51%, reaching $275.04 million from $95.33 million. September also saw a significant rise, climbing by 74.13% to $208.68 million from $119.87 million.
The persistent increase in spending on food imports underscores Nigeria’s reliance on foreign food sources, despite initiatives to enhance local agricultural production. This situation reflects ongoing challenges within the agricultural sector, necessitating effective strategies for self-sustainability.
In summary, Nigeria’s expenditure on food imports reached $1.87 billion in 2024, highlighting a 14.37% rise from the previous year, partly due to fluctuating foreign exchange allocations. Notably, the last half of the year saw record increases in allocations. The country’s reliance on food imports indicates significant obstacles within the agricultural sector that must be addressed to improve local production.
Original Source: osundefender.com
