Flooding and insecurity in Nigeria have made the Central Bank of Nigeria to expend a substantial $2.13 billion expenditure on food imports in 2023.
The data from CBN’s quarterly statistics reveals a consistent demand for imported food, a situation exacerbated by local challenges such as flooding and insecurity.
PLATFORM TIMES reports that the surge in food import costs is reflected in the increase in the average price of imported commodities, which rose by 34% from April 2023 to April 2024.
This trend contributes to the broader rise in food prices across sub-Saharan Africa, where many staple foods are imported.
The region’s vulnerability to global market fluctuations underscores the urgency for increased local production to mitigate external economic pressures.
The Nigerian Bureau of Statistics (NBS) April 2024 food inflation report highlighted significant price increases for various food items.
The annual food inflation rate jumped from 23.22% to 32.74% year-on-year, with essential commodities like millet flour, garri, bread, and various oils seeing notable price hikes.
The high food import bill poses a severe challenge to Nigeria’s economy.
The country, with its vast agricultural potential, has faced setbacks due to inadequate infrastructure, persistent insecurity, and climate change effects.
Despite government efforts to curb food imports to alleviate economic hardship, the substantial import expenditures indicate a significant gap between policy intentions and outcomes.
In a detailed monthly breakdown for 2023, CBN data showed varying disbursements for food imports, with the highest amounts in January ($245.7 million) and November ($235.9 million), and the lowest in July ($58 million).
This pattern reflects fluctuating demands and possibly the seasonal nature of agricultural production and import needs.
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