Nigeria Spends N21 Trillion on Food Imports in Four Years – Report

Nigeria has spent a staggering N21.51 trillion on imported goods, including foodstuffs, over the past four years, according to data from the National Bureau of Statistics (NBS). Despite ongoing efforts to promote local production, the country’s reliance on imports continues to rise across multiple sectors.

Breakdown of Nigeria’s Import Expenditure

1. Food and Beverage Imports – N6.77 Trillion

Between 2020 and 2024, Nigeria spent N6.77 trillion on importing prepared foodstuffs, beverages, spirits, vinegar, and tobacco:

• 2020 – N594.08 billion

• 2021 – N903 billion

• 2022 – N976 billion

• 2023 – N1.51 trillion

• 2024 – N2.79 trillion

2. Animal and Animal Product Imports – N3.64 Trillion

The cost of importing live animals and animal products surged to N3.64 trillion over four years:

• 2020 – N454.52 billion

• 2021 – N551 billion

• 2022 – N549 billion

• 2023 – N597 billion

• 2024 – N1.49 trillion

3. Plastic and Rubber Imports – N7.72 Trillion

Plastic and rubber products had the highest import expenditure, reaching N7.72 trillion:

• 2020 – N609 billion

• 2021 – N1.16 trillion

• 2022 – N1.19 trillion

• 2023 – N1.30 trillion

• 2024 – N3.46 trillion

4. Textile Industry Decline – N1.93 Trillion Spent on Imports

Despite Nigeria’s history in textile production, imports in this sector reached N1.93 trillion:

• 2020 – N183 billion

• 2021 – N279 billion

• 2022 – N365 billion

• 2023 – N377 billion

• 2024 – N726 billion

5. Wood and Wood-Related Imports – N909 Billion

The country also imported N909 billion worth of wood and charcoal:

• 2020 – N52 billion

• 2021 – N59 billion

• 2022 – N106 billion

• 2023 – N175 billion

• 2024 – N517 billion

6. Leather and Saddlery Imports – N373 Billion

Nigeria’s spending on raw hides, skins, leather, and saddlery products totaled N373 billion:

• 2020 – N30 billion

• 2021 – N36 billion

• 2022 – N60 billion

• 2023 – N90 billion

• 2024 – N157 billion

Impact on Nigeria’s Economy

Despite government policies aimed at reducing imports and promoting local production, Nigeria’s dependency on foreign goods remains high. The rapid increase in import expenditure, especially in food and raw materials, highlights the urgent need for strengthening local industries and reducing foreign dependence.

Conclusion

The rising cost of imports in Nigeria continues to impact economic growth and food security. Stakeholders urge the government to invest in local production, support small businesses, and implement stronger policies to curb excessive importation.