Nigeria’s food and beverage import bill rose by 30% to N1.59 trillion in Q1 2024, a 115% increase from Q1 2023.
Gatekeepers News reports that this is according to the first quarter foreign trade report by the National Bureau of Statistics (NBS) released over the weekend.
When compared to the first quarter of 2023, there was a 115% increase in food and beverage imports. Between January and March 2023, Nigeria’s food and beverage import bill stood at N710 billion.
According to the report, food and beverage imports constituted about 12.59% of total imports between January and March 2024- a marginal increase from 11.4% in the corresponding quarter of 2023.
Primary food imports rose by N160 billion, while processed food imports increased by 137%.
The surge is attributed to naira depreciation, not increased imports.
However, the dollar value of imports declined due to the weak naira. This may impact plans to import food, like rice, to address inflation, as imported foods may become more expensive.
