Importation of food products into Nigeria rises in the first half of the year

The foreign exchange supplied by the Central Bank of Nigeria for the importation of food products into Nigeria rose by 23.81 per cent to $1.04bn in the first half of this year, compared to the same period of 2020.

according to the CBN data on sectoral utilisation for transactions valid for forex. Food imports gobbled up $840.18m in H1 2020, down from $1.02bn in the same period a year earlier.

Although President, Muhammadu Buhari (retd.), had in September 2020 directed the CBN to stop issuing forex for food and fertiliser imports, data from the apex bank showed that $709.07m was utilised for food products imports in the last quarter of 2020 .


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