₦airaland Forum

At the backdrop of the rising food insecurity caused by intensified conflict and climate related shock on farming activities across the country, Nigeria’s food importation rose by 16 per cent, year-on-year, to $2.5 billion in 2024 from $2.13 billion in 2023.

Meanwhile, the 2025 World Bank’s Food Security Update, one million additional Nigerians experienced acute food insecurity in 2024 due to intensified conflict and climate related shocks such as drought.

Details of data on food imports in the Quarterly Statistical bulletins of the Central Bank of Nigeria, CBN, showed that Nigeria’s food imports rose in three out of the four quarters in 2024.

In the first quarter, food imports rose by 40 per cent, quarter-on-quarter, QoQ to $689.88 million from $493.24 million in Q4’23, and by 1.8 per cent, YoY from $677.61 million in Q1’23.

However in the second quarter, Q2’24, food imports dropped to $547.7 million representing 21 per cent QoQ and 20 per cent YoY declines respectively from $ 689.88 million in Q1’24 and $685.37 million in Q2’23.

The upward trend resumed in Q3’24 when food imports rose to $633 million representing 15.7 per cent QoQ and 132 per cent YoY increases respectively from $547.7 million in Q2’24 and $273.11 million in Q3’23.

This trend persisted in Q4’24 with food imports rising by 3.9 per cent QoQ and 33.5 per cent YoY to $658.54 million from $633 million in Q3’34 and N493.24 million.

However, the CBN said that the share of food import in total imports fell to 13.15 per cent in Q4’24 from 18.13 per cent in Q3’24.

“Analysis of import by sector indicated that the industrial sector, mainly raw materials and machinery accounted for the largest share of imports, with 50.41 per cent. This was followed by oil sector (20.24%), food products (13.15%), manufactured products (9.22%), minerals (3.54%), transport (2.94%) and agricultural products (0.50%),” the CBN said in its Quarterly Economic Report for Q4’24.

dominique:
With the way almost everybody is dabbling into agriculture, we're still importing food to this extent. We're a consumer nation, nothing we can do about it.

fashrola:
Our population is really a problem and if the government is not doing anything to curtail our reproduction rate via family planning for each family especially in the northern part of the country…. Then we have a bigger problem ahead.

dominique:
With the way almost everybody is dabbling into agriculture, we're still importing food to this extent. We're a consumer nation, nothing we can do about it.

dominique:
With the way almost everybody is dabbling into agriculture, we're still importing food to this extent. We're a consumer nation, nothing we can do about it.

dominique:
With the way almost everybody is dabbling into agriculture, we're still importing food to this extent. We're a consumer nation, nothing we can do about it.

fashrola:
Our population is really a problem and if the government is not doing anything to curtail our reproduction rate via family planning for each family especially in the northern part of the country…. Then we have a bigger problem ahead.

fashrola:
Our population is really a problem and if the government is not doing anything to curtail our reproduction rate via family planning for each family especially in the northern part of the country…. Then we have a bigger problem ahead.

dominique:
With the way almost everybody is dabbling into agriculture, we're still importing food to this extent. We're a consumer nation, nothing we can do about it.

dominique:
With the way almost everybody is dabbling into agriculture, we're still importing food to this extent. We're a consumer nation, nothing we can do about it.

dominique:
With the way almost everybody is dabbling into agriculture, we're still importing food to this extent. We're a consumer nation, nothing we can do about it.

dominique:
With the way almost everybody is dabbling into agriculture, we're still importing food to this extent. We're a consumer nation, nothing we can do about it.

Kukutente23:
No big deal
We are paying debts and increasing allocation to politicians
That's the primary purpose of Government
All other matters are frivolous

adenigga:
Nigeria’s public debt increased by 48.58 percent to N144.67 trillion as of December 2024 from N97.34 trillion recorded at the end of 2023.


Nigeria’s Debt Management Office disclosed this in its latest report on the country’s public debt profile.

Further analysis showed that Nigeria’s public debt surged by N47.32 trillion on a year-on-year basis.

The report also revealed a quarter-on-quarter rise of 1.65 percent from the N142.32 trillion recorded at the end of September 2024, which indicates that the country’s debt profile has been on a steady rise.

The rise in the debt profile of Africa’s most populous nation is mainly driven by external and domestic borrowing.

External debt rose by 83.89 percent to N70.29 trillion in December from 38.22 trillion in the same period in 2023.

Similarly, domestic debt rose by 25.77 percent to N74.38 trillion in December 2024 from 59.12 trillion at the end of December in 2023.

Accordingly, further breakdown of external debt shows that the federal government accounted for N62.92 trillion ($40.98 billion), while states and the FCT held N7.37 trillion ($4.80 billion).

In the domestic debt segment, the federal government held N70.41 trillion ($45.86 billion), with states and the FCT accounting for N3.97 trillion ($2.58 billion).


The increase in Nigeria’s debt profile has raised concerns among financial experts.

The Chief Executive Officer of the Centre for Promotion of Private Enterprises, Dr. Muda Yusuf, criticised the rising debt rise in Nigeria despite the huge infrastructural deficit.

Source: https://dailypost.ng/Nigerias-debt-rises-by-N47tn-to-hit-N144.67tn