Nigeria spent $1.19bn on food imports between January and June 2026, marking an 11.41 per cent increase from the $1.07bn recorded during the same period in 2025, despite efforts to encourage local food production.
An analysis of the Central Bank of Nigeria’s (CBN) second-quarter 2026 Statistical Bulletin showed that foreign exchange spent on food imports increased in five of the six months reviewed, with February being the only month that recorded a decline.
Food import spending fell by 2.57 per cent in the first quarter, from $550.79m in 2025 to $536.65m in 2026. However, expenditure rose by 26.38 per cent in the second quarter, climbing from $514.34m to $650m.
The President of the Association of Small Business Owners of Nigeria, Femi Egbesola, blamed the country’s reliance on imported food partly on insecurity and outdated agricultural practices.
