•Food import share shrinks as total imports jump 28%

By Babajide Komolafe

Nigeria’s spending on food imports declined by 7.4 per cent, year-on-year to $2.34 billion in 2025, signaling a moderation in the country’s dependence on imported food products despite a  sharp increase in overall import expenditure. Data on food imports obtained from the Central Bank of Nigeria, CBN, quarterly statistical bulletin, fourth quarter 2025. Q4’25  showed that food imports fell to $2.343 billion in 2025 from $2.530 billion recorded in 2024, representing a decline of $186.42 million of 7.4 per cent year-on-year.

The decline comes  after food import spending had risen by 18.8 per cent, YoY to $2.53 billion in 2024 from $2.129 billion in 2023, indicating a reversal of the upward trend witnessed in the previous year.

Further analysis revealed that food imports accounted for a smaller share of the nation’s total import bill in 2025. The ratio of food imports to total imports dropped significantly to 11.8 per cent in 2025 from 16.3 per cent in 2024.

The decline in food import share occurred despite relatively stable food import spending, largely because overall imports grew at a much faster pace during the review period.

According to CBN data,  Nigeria’s total imports rose by 28 per cent, YoY  to $19.897 billion in 2025 from $15.544 billion in 2024, representing an increase of $4.353 billion. This followed an earlier rise from $14.276 billion recorded in 2023.

Analysis  of quarterly food import spending indicated that three of the four quarters in 2025 recorded lower import values compared to corresponding periods in 2024.

Food imports declined by 20.3 per cent, YoY to $550.09 million in Q1’25 from $689.88 million in Q1’24. In Q2 ’25, food import spending dropped by 6.0 per cent, YoY to $515.04 million from $547.70 million in Q2’24.

However, Q3’35 recorded the only year-on-year increase during the year, with food imports rising by 3.2 per cent, YoY to $653.85 million from $633.63 million in Q3’24.

The upward movement was short-lived as food import spending fell again in Q4 ’25 by 5.2 per cent, YoY  to $624.36 million from $658.55 million in Q4’24.

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By Emma Ujah, Abuja Bureau Chief

Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has re-assigned all four deputy governors of the institution.

The new responsibilities announced Monday night have seen Mr Philip Ikeazor taking over the policy portfolio from Dr. Muhammad Abdullahi.

Dr. Abdullahi moved from the Economic Policy Directorate to head Corporate Services.

Ms. Emem Nnana Usoro leaves corporate services to supervise operations.

Mr. Lamido Yuguda was transferred from Operations to the Financial System Stability Directorate.

The CBN did not state reasons for the redeployment.

The bank said such changes were “to make use of the experience of senior officials in different areas of responsibility and to support evolving institutional priorities.”

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Investors lost N1.811 trillion on Monday as widespread profit-taking in major equities dragged the stock market into negative territory on the first trading day of June.

The decline came as the market began trading under the newly introduced T+1 settlement cycle.

The cycle marks a significant milestone in the ongoing efforts to enhance efficiency and competitiveness in the capital market.

Heavy profit-taking in BUA Cement, Trans-nationwide Express, John Holt, Red Star Express and Deap Capital Management weighed on overall market performance.

At the close of trading, the Nigerian Exchange Ltd. (NGX) market capitalisation dropped from N160.508 trillion to N158.697 trillion, representing a decline of N1.811 trillion or 1.13 per cent.

The All-Share Index also fell by 2,824.81 points, or 1.13 per cent, to settle at 247,560.66, compared with 250,385.47 recorded on Friday.

Consequently, the market’s year-to-date return weakened to 59.09 per cent.

Market sentiment remained weak, with 37 stocks recording losses against 24 gainers at the close of transactions.

BUA Cement led the losers’ chart by 10 per cent, settling at N378; Trans-Nationwide Express trailed by 9.85 per cent, ending the session at N4.76 and John Holt shed by 9.73 per cent, finishing at N15.30 per share.

Red Star Express declined by 9.71 per cent, closing at N30.70 and Deap Capital Management fell by 9.15 per cent to N5.16 per share.

On the positive side, International Energy Insurance led the gainers’ chart by 9.96 per cent, closing at N4.97; Consolidated Hallmark followed by 9.92 per cent, settling at N6.87 while The Initiates advanced by 9.86 per cent, finishing at N31.20 per share.

Also, RT Briscoe appreciated by 9.16 per cent, ending the session at N14.90 and Ikeja Hotel grew by 8.71 per cent to N43.70 per share.

Market activity declined at the close of trading, with total volume traded falling by 6.38 per cent to 1.13 billion shares valued at N44.28 billion, exchanged in 91,880 transactions.

Abbey Mortgage Bank emerged as the most traded stock by volume, recording 291.16 million shares and accounting for 25.82 per cent of the total volume traded.

Meanwhile, Aradel led the value chart with transactions worth N6.31 billion, representing 14.26 per cent of the day’s total turnover.

(NAN) 

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