Nigeria experienced a significant 16% surge in food imports in 2024, reaching $2.5 billion, as the nation grapples with escalating food insecurity exacerbated by persistent conflict and climate-related shocks impacting agricultural activities.
The increase in food imports comes at a critical time when, according to the 2025 World Bank’s Food Security Update, an additional one million Nigerians faced acute food insecurity in 2024. This alarming rise is attributed to intensified conflict and climate-related shocks such as drought, severely disrupting farming activities across the country.
Quarterly Trends in Food Imports
Detailed data from the Central Bank of Nigeria's (CBN) Quarterly Statistical bulletins reveal a fluctuating but ultimately upward trajectory in Nigeria’s food import bill throughout 2024. Food imports increased in three out of the four quarters of the year.
In the first quarter of 2024 (Q1’24), food imports saw a notable 40% increase quarter-on-quarter (QoQ), rising to $689.88 million from $493.24 million in Q4’23. Year-on-year (YoY), this represented a modest 1.8% increase from $677.61 million in Q1’23.
However, the second quarter of 2024 (Q2’24) saw a temporary dip, with food imports declining to $547.7 million. This marked a 21% QoQ decrease from Q1’24 and a 20% YoY decline from $685.37 million in Q2’23.
The upward trend resumed in the third quarter of 2024 (Q3’24), with food imports climbing to $633 million. This reflected a 15.7% QoQ increase from Q2’24 and a substantial 132% YoY increase from $273.11 million in Q3’23.
This persistent rise continued into the fourth quarter of 2024 (Q4’24), as food imports increased by 3.9% QoQ and 33.5% YoY to $658.54 million, up from $633 million in Q3’24 and $493.24 million in Q4'23.
Food Import Share in Total Imports
Despite the overall increase in value, the CBN reported a slight decrease in the share of food imports within the total import bill. The share of food imports fell to 13.15% in Q4’24 from 18.13% in Q3’24.
In its Quarterly Economic Report for Q4’24, the CBN provided a breakdown of imports by sector: "Analysis of import by sector indicated that the industrial sector, mainly raw materials and machinery accounted for the largest share of imports, with 50.41 per cent. This was followed by oil sector (20.24%), food products (13.15%), manufactured products (9.22%), minerals (3.54%), transport (2.94%) and agricultural products (0.50%)."
The data underscores the complex interplay between domestic agricultural challenges, global market dynamics, and Nigeria's reliance on imports to meet its food demands, particularly as climate change and conflict continue to impact local food production.