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Home Business & Finance

CBN Allocates N1.73 Trillion For Food Imports In Six Months

Nnaemeka OkwarabyNnaemeka Okwara
October 20, 2024
in Business & Finance
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CBN Allocates N1.73 Trillion For Food Imports In Six Months
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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.

Tags: cbnCBN Allocates N1.73 Trillion For Food Imports In Six Monthsfederal characterFinanceFood ImportsNewsNigeria
Nnaemeka Okwara

Nnaemeka Okwara

Okwara Nnaemeka Emmanuel is a skilled wordsmith, passionate blogger, and content writer with a degree in Media Content, He has made a significant mark in the industry. He also holds certification in Marketing and advertising. He has honed a unique blend of creativity and strategic thinking.Driven by a belief in the power of creativity, He has established a niche for himself in diverse regions, leaving a trail of successful projects and satisfied clients. His ability to craft compelling narratives and engage audiences sets him apart in the competitive world of content creation.As a dedicated professional, He continues to push boundaries and set new landmarks in their field. Whether it's through captivating blog posts, persuasive copywriting, or innovative content strategies, Nnaemeka’s consistently delivers excellence, leaving a long lasting impact

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