Nigeria’s food and beverage imports have surged by 71.99%, reaching a staggering N6.58 trillion in 2024, up from N3.83 trillion in 2023.
According to the National Bureau of Statistics’ latest foreign trade report, this sharp rise reflects the country’s increasing dependence on imported food amidst persistent inflation, naira depreciation, and weaknesses in local food production.
The report shows that imports of primary food and beverages climbed from N1.78 trillion in 2023 to N2.90 trillion in 2024, marking a 62.38% increase.
Particularly concerning is the rise in household food imports, which surged by 136.16% from N565.68 billion to N1.34 trillion.
“Local production is struggling to meet demand, forcing more reliance on foreign food supplies,” the report notes, highlighting the challenges in Nigeria’s domestic agricultural sector.
Additionally, imports of processed food and beverages also saw a dramatic increase, from N2.04 trillion in 2023 to N3.68 trillion in 2024, an 80.48% rise.
The rising cost of these imports aligns with the sharp devaluation of the naira, making foreign food items more expensive.
Despite the higher costs, the demand for processed foods remains robust, likely driven by changing consumption patterns and gaps in local supply.
