The Central Bank of Nigeria (CBN) has released data showing that it spent $547.7 million (N823.19 billion) on importing food in the second quarter of 2024.
The CBN’s report says that this brings the total amount spent on food imports in the first half of 2024 to N1.73 trillion.
The details show that Nigerians spent $164.43 million in January, $303.91 million in February, and $221.54 million in March. In April, May, and June, the CBN spent $153.27 million, $197.21 million, and $197.22 million, respectively.
Even with this large investment, the Federal Government’s plan to lower food prices by removing duties on certain basic food items is facing difficulties. The average cost of imported food items has increased to an 878.3 price point index in September 2024.
