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Import surge: Nigeria’s food import bill hits ₦7.65trn in 2025, highest in four years.
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Waiver policy impact: FG’s 2024 import waiver fuels spike while easing food inflation above 40%.
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Local sector hit: Farmers, rice millers suffer losses as cheap imports flood market.
Nigeria’s food import bill rose sharply to ₦7.65 trillion in 2025, marking its highest level in four years, following the Federal Government’s import waiver policy introduced to curb rising food inflation.
Data released by the National Bureau of Statistics (NBS) showed that the figure represents a significant jump from ₦2.86 trillion recorded in 2022 and ₦3.83 trillion in 2023, with imports already climbing to ₦6.58 trillion in 2024 when the policy took effect.
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The waiver, introduced in 2024 to tackle food inflation that exceeded 40 per cent, helped stabilise prices but also triggered a surge in food imports, raising concerns about its long-term impact on local production and foreign exchange reserves.
Breakdown of the 2025 figures indicates that ₦1.34 trillion was spent on food imports for household consumption, while ₦2.09 trillion went into industrial food imports.
Spending on processed food alone exceeded ₦4 trillion, more than double the ₦1.4 trillion recorded in 2022.
Experts warn that the policy has negatively affected local farmers and agro-processors, with many struggling to compete against cheaper imported goods.
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A rice miller, who spoke anonymously, described the situation as “a disaster,” noting that high production costs forced local producers to sell at losses.
“It was a disaster. The cost of production is high, so there was no way we could sell at the same price as imported rice,” the miller said, adding that several mills have shut down, leading to job losses.
Further data suggests that Nigeria spent about ₦51 billion on rice imports in 2024 alone, worsening the challenges faced by domestic producers.
Many farmers are also grappling with loan repayments, with over 70 per cent reportedly unable to service debts owed to the Bank of Agriculture due to poor sales.
Reacting to the development, President of the Nigeria Agribusiness Group, Ibrahim Kabiru, said the policy was introduced without adequate consideration for its impact on farmers and local production.
“The reason we are seeing a rise in import is because of the import waiver policy. This allowed massive importation of food commodities without much thought of how it will affect farmers,” he said.
Kabiru, however, recommended the full implementation of the Guaranteed Minimum Price scheme to protect farmers from market volatility and ensure profitability.
He also called for urgent government intervention in farm inputs, particularly fertilisers, whose prices have reportedly doubled within the past year.
Analysts maintain that while the waiver policy may offer short-term relief on food prices, sustaining heavy reliance on imports could undermine Nigeria’s agricultural base and long-term food security.
