Food Import Bill Jumps By 45% to N1.12tn – CBN

The Central Bank of Nigeria, CBN has released data indicating that the food Import bill has jumped by 45 per cent to $2.71bn (N1.12tn) in 12 months.

According to the data available on the Central Bank website, the federal government spent $2.71bn on food imports from January to December last year.

The Federal Government had spent $1.87bn on food imports in 2020, showing an increase of 44.92 per cent or $840m in one year.

Reports from the CBN revealed in 2020 that the government spent $164.89m, $146.21m, and $158.91m in January, February, and March, respectively, while $103.62m, $128.97m, and $137.58m were spent in April, May, and June, respectively. $80.73m, $122.51m, and $121.13m were spent in July, August, and September. $198.43m, $204.76m, and $305.88m were spent in October, November, and December.

Meanwhile in 2021, the government spent $163.60m, $197.73m, and $171.05m in January, February, and March, respectively, while $156.30m, $135.72m, and $213.58m were spent in April, May, and June. $184.69m, $188.88m, and $271.59m were spent in July, August, and September.

It further showed that $309.39m, $345.21m, and $375.49m were spent in October, November, and December.

This increment occurred despite the CBN governor, Godwin Emefiele claim that the country could pronounce enough to feed it’s citizens in a recent Bankers’ Committee retreat in Lagos.

He said, “We believe that Nigeria can feed itself; Nigeria can produce what to eat. Everything needs to be done for us to move away from a situation where everything is imported.

“We need to get to a stage where we bring our manufacturing industries back to life again. For us to say that there is sustainable, inclusive growth in the country, we, as banks, working with the government must do everything possible to diversify the Nigerian economy.”