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Nigeria’s food import bill has been rising at an alarming rate, posing a significant challenge to the country’s food security and economic stability. Some key points:

  • Nigeria’s food and beverage import bill increased by 30% from ₦1.21 trillion in Q4 2023 to ₦1.59 trillion in Q1 2024, representing a 115% increase compared to Q1 2023.[3]
  • Imports of primary food and beverages for household consumption rose from ₦122 billion in Q1 2023 to ₦186.6 billion in Q1 2024, while imports for industries increased from ₦252 billion to ₦540 billion over the same period.[3]
  • Processed food and beverage imports also surged, rising from ₦365 billion in Q1 2023 to ₦865 billion in Q1 2024, with a 120.6% increase in imports for industries.[3]
  • Nigeria’s total import bill stood at ₦12.64 trillion in Q1 2024, with agricultural goods accounting for ₦920.54 billion or 7.28% of total imports.[4]
  • The rising food import dependency is driven by factors such as low agricultural yields, inadequate infrastructure, insecurity, and climate change, which have hindered progress in the domestic agricultural sector.[1][2][5]

The high food import bill is a major concern for Nigeria’s economy and efforts are needed to boost local food production and reduce the country’s reliance on imports.

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