In 2024, Nigeria witnessed a significant increase of 71.99 percent in the importation of food and beverages, with the total value climbing to N6.58 trillion from N3.83 trillion recorded in 2023, as stated in the most recent foreign trade report released by the National Bureau of Statistics.
This significant rise highlights an increasing dependence on imported food due to ongoing issues such as rising inflation, devaluation of the naira, and deficiencies in domestic agricultural output.
The statistics reveal that the import value for basic food items and drinks increased from ₦1.78 trillion in 2023 to ₦2.90 trillion in 2024, marking a rise of 62.38 percent.
The import value of primary food products primarily intended for industrial purposes increased from ₦1.22 trillion in 2023 to ₦1.56 trillion in 2024, representing a growth of 28.07%. Meanwhile, the import amount of basic foods meant for home consumption surged by 136.16%, climbing from ₦565.68 billion to ₦1.34 trillion.
The sharp increase in household food imports suggests that local production is struggling to meet demand, forcing more reliance on foreign food supplies.
Likewise, the import value of processed foods and drinks surged significantly, increasing from ₦2.04 trillion in 2023 to ₦3.68 trillion in 2024, indicating an 80.48 percent rise.
The import value of processed food primarily intended for industrial purposes increased from ₦1.29 trillion to ₦2.17 trillion, representing an uptick of 68.15%. In contrast, the imports of processed foods meant for home use escalated from ₦749.46 billion to ₦1.51 trillion, showcasing a more substantial rise of 101.54%.
The increasing prices of imported processed foods coincide with the significant depreciation of the naira, making such imports pricier than before.
Nevertheless, the statistics indicate that even with increased expenses, the appetite for imported processed foods persists strongly. This could be attributed to shifting eating habits and deficiencies in the domestic product supply.
Provided by SyndiGate Media Inc. Syndigate.info ).
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