Nigeria’s food import bill surged to a four-year high in 2025, driven largely by the Federal Government’s import waiver policy introduced to curb rising food prices.
Data from the National Bureau of Statistics (NBS) show that the country spent ₦7.65 trillion on food and beverage imports in 2025, up sharply from ₦2.86 trillion in 2022 and ₦3.83 trillion in 2023.
The spike has been linked to the 2024 import waiver policy, which was introduced to tackle soaring food inflation that had climbed above 40 per cent at its peak. While the policy helped ease food price pressures, it has also significantly increased Nigeria’s dependence on imported food.
Analysts say the waiver policy provided short-term relief for consumers but created unintended consequences for local producers.
Food imports had already risen to ₦6.58 trillion in 2024, before peaking in 2025, highlighting the growing reliance on external supply.
Tunde Banjoko, an agriculture leader at the Lagos Chamber of Commerce and Industry (LCCI), warned that the trend is unsustainable. “We need to look for more sustainable measures to increase food production because importation is not sustainable. It also puts pressure on foreign exchange. Rather than importation, we should be talking about how to export,” he said.
Further analysis shows that in 2025:
- About ₦1.34 trillion was spent on food imports for household consumption, more than double the ₦529.4 billion recorded in 2022.
- Roughly ₦2.09 trillion went into food imports for industrial use.
- Over ₦4 trillion was spent on processed food imports, representing more than a 100 percent increase compared to 2022.
Industry players say the influx of cheaper imported food has severely impacted local farmers and processors.
Data from global trade sources indicate Nigeria spent about ₦51 billion importing rice in 2024, just as the waiver policy took effect. Since then, several local rice mills have reportedly shut down due to their inability to compete with lower-priced imports and rising production costs.
A rice miller in Anambra, who spoke anonymously, described the situation as devastating. “The market became saturated with imported rice, which was cheaper than locally produced rice. We were forced to sell at a loss. Several mills have shut down and jobs have been lost,” he said.
The pressure has also affected farmers’ ability to repay loans, with reports indicating that over 70 per cent of farmers who borrowed from the Bank of Agriculture are yet to meet their repayment obligations.
