Food Importation Gulps $689.88 million in Q1 2024

The import of food products gulped about $689.88 million in the first quarter of 2024, which is about 17% of the total foreign exchange (FX) spending on imports.
This is according to the sectoral utilization of foreign exchange data contained in the quarterly statistical bulletin of the Central Bank of Nigeria (CBN).
The CBN data shows that there was a 40% increase in the amount of FX spent on food import, from $493.24 million in the last quarter of 2023 to $689.88 million in the following quarter, which is Q1 2024.
The data further shows that firms in the food product sector were the second-highest spenders of foreign exchange for imports, with firms in the industrial sector, topping the list.