Nigeria spent 1.19 billion dollars on food imports in the first half of 2026, an increase of 121.52 million dollars, or 11.41 per cent, over the 1.07 billion dollars recorded in the same period of 2025. The figures come from the Central Bank of Nigeria's second-quarter 2026 Statistical Bulletin, which Punch reviewed and reported.
What do the quarterly numbers show?
Food imports fell in the first quarter of 2026 to 536.65 million dollars from 550.79 million dollars in the corresponding quarter of 2025, a decline of 2.57 per cent. In January 2026 alone, the country spent 232.05 million dollars on food imports, an increase of 8.89 per cent from the same month a year earlier. The first-half rise therefore reflects a much heavier second quarter, which the bulletin's figures put at roughly 650 million dollars against about 514 million a year earlier.
How does the naira bill compare?
In naira terms, data from the National Bureau of Statistics shows food and beverage imports cost 3.30 trillion naira in the first half of 2026, made up of 1.39 trillion naira in the first quarter and 1.91 trillion naira in the second. That is 3.1 per cent lower than the 3.40 trillion naira spent in the first half of 2025, even as the dollar figure rose, a gap that mirrors the naira's movement against the dollar between the two periods. Processed food and beverages accounted for 1.72 trillion naira of the half-year bill, against 1.58 trillion naira for primary foods.
What does it mean for the naira and prices?
The import bill matters for the foreign exchange market because food is one of the biggest recurring demands on the naira. The pressure has been easing: foreign exchange spent on food imports fell 7.24 per cent to 1.68 billion dollars in the first five months of 2026, according to Business Post, and food's share of total FX utilisation fell from 9.49 per cent in 2024 to 4.97 per cent in 2025 as total utilisation rose to 47.17 billion dollars. The half-year uptick shows that relief is not guaranteed, and that every point of the naira's weakness feeds back into food prices at the market.
What is the policy response?
The figures add pressure on the government's push to raise local production, from dry-season farming support to fertiliser distribution and the push for large-scale irrigation. Every percentage point of food demand met locally is foreign exchange saved, and the bulletin's numbers are the scoreboard the policy will be judged against when the full-year data arrives.
Frequently asked questions
How much did Nigeria spend on food imports?
1.19 billion dollars in the first half of 2026, up 11.41 per cent from 1.07 billion dollars a year earlier.
Where does the data come from?
The Central Bank of Nigeria's second-quarter 2026 Statistical Bulletin, reported by Punch, with naira figures from the National Bureau of Statistics.
Why is the naira bill lower while the dollar bill is higher?
The naira value of food and beverage imports fell 3.1 per cent year on year even as the dollar bill rose, reflecting the currency's movement between the two periods.
Sources: Punch; Central Bank of Nigeria, Q2 2026 Statistical Bulletin; National Bureau of Statistics; Business Post.
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