Nigeria spent $1.19 billion on food imports between January and June 2026, representing an 11.41 per cent increase from the $1.07 billion recorded during the same period in 2025. The figures highlight the country’s continued dependence on imported food despite ongoing government efforts to strengthen local agricultural production.
According to data from the Central Bank of Nigeria’s (CBN) Quarterly Statistical Bulletin for the second quarter of 2026, the amount spent on foreign exchange for food imports increased by $121.52 million compared with the first half of last year.
The increase also highlights the continued demand for foreign currency to finance food purchases from abroad, at a time when Nigeria is seeking to improve food availability, support local farmers and reduce pressure on household budgets.
Second-quarter spending drives increase
The report showed that although Nigeria recorded a decline in food import spending during the first quarter of 2026, the improvement was reversed in the second quarter as expenditure increased significantly.
Foreign exchange spending on food imports rose year-on-year in five of the six months reviewed, with February being the only month to record a decline.
Separate figures from the National Bureau of Statistics (NBS) showed that Nigeria’s food and beverage imports were valued at ₦3.30 trillion in the first half of 2026, compared with ₦3.40 trillion in the corresponding period of 2025.
The naira-denominated figures measure the value of food and beverage imports, while the CBN figures track foreign exchange used to finance food imports. The two figures therefore measure different things and should not be directly compared.
What this means for Nigeria
Nigeria’s rising food import expenditure raises questions about the pace of local agricultural development and the country’s ability to meet domestic food demand through local production.
Increasing domestic output could help reduce reliance on foreign supplies, create opportunities for farmers and food-processing businesses, and strengthen the country’s food supply chain. However, achieving these goals requires sustained investment in agricultural infrastructure, storage, transportation and access to farming inputs.
The latest figures also come amid continuing concerns about food affordability and food insecurity. The Food and Agriculture Organization has warned that millions of Nigerians face serious food insecurity, underlining the importance of improving food availability and access.
For consumers, the import figures alone do not mean that food prices will immediately rise. Retail prices also depend on local harvests, transportation costs, exchange rates, market supply and other factors.
Nevertheless, the increase in foreign exchange spending on food imports highlights the challenge facing Nigeria as it works to strengthen domestic agriculture while ensuring that essential food products remain accessible to households.
