Nigeria’s food, beverage imports rise to N6tn – NBS

Nigeria’s food and beverage imports surged by 71.99 per cent in 2024, reaching N6.58tn from N3.83tn in 2023, according to the latest foreign trade report by the National Bureau of Statistics.

The sharp increase reflects a growing reliance on imported food as inflation, naira depreciation, and structural weaknesses in local food production continue to pose challenges.

A breakdown of the figures shows that imports of primary food and beverages rose from N1.78tn in 2023 to N2.90tn in 2024, representing a 62.38 per cent increase.

Imports of primary food items mainly for industrial use grew from N1.22tn in 2023 to N1.56tn in 2024, a 28.07 per cent rise, while imports of primary food for household consumption rose by 136.16 per cent from N565.68bn to N1.34tn.

The sharp increase in household food imports suggests that local production is struggling to meet demand, forcing more reliance on foreign food supplies.

Similarly, imports of processed food and beverages saw an even larger jump, rising from N2.04tn in 2023 to N3.68tn in 2024, reflecting an 80.48 per cent increase.

Imports of processed food, mainly for industrial use, climbed from N1.29tn to N2.17tn, marking a 68.15 per cent growth, while processed food for household consumption rose from N749.46bn to N1.51tn, a 101.54 per cent increase.

The rising cost of imported processed food items aligns with the sharp devaluation of the naira, which has made food imports more expensive.

However, the figures suggest that despite higher costs, demand for imported processed food remains strong, possibly due to changing consumption patterns and supply gaps in the local market.