Food Import FX Spending Falls 7.24% to $1.68bn in Five Months

By Adedapo Adesanya

The amount of foreign exchange used to import food products into Nigeria fell by 7.24 per cent or $131.16 million to $1.68 billion in the first five months of 2026, from $1.81 billion recorded in the corresponding period of 2025.

The decline was disclosed in the latest economic reports of the Central Bank of Nigeria (CBN).

Data from the CBN’s May 2026 economic report showed that food imports accounted for $137.68 million, representing 10.51 per cent of the $1.31 billion in foreign exchange utilised by economic sectors during the month.

This was lower than the $494.87 million spent on food imports in April, when the sector accounted for 14.47 per cent of the $3.42 billion in forex utilised across the economy.

The first-quarter economic report released by the apex bank also showed that Nigeria spent $1.05 billion in foreign exchange on food imports between January and March 2026.

The figures indicate that food imports accounted for a significant share of the foreign exchange utilised by economic sectors during the period, although the cumulative amount for the first five months was lower than the corresponding figure recorded in 2025.

The country’s food import bill fell to $4.93 billion from $5.90 billion in 2024, representing a 16.34 per cent, or $963.63 million, reduction.

A breakdown of the 2025 figures showed that Nigeria spent $1.11 billion on food imports in the first quarter, $987.12 million in the second quarter and $1.42 billion in each of the third and fourth quarters.