•Households’ spending on food import surges by N64b in one year
While Nigerians’ spending on food and beverage imports rose by 31.4 per cent on a year-on-year basis in quarter one (Q1), the value declined by 24.4 per cent in dollar terms, analysis of the foreign trade data has shown.
According to the Foreign Trade Statistics Report released by the National Bureau of Statistics (NBS) on Sunday, food and beverage import bill rose from N1.21 trillion in Q1 of 2023 to N1.59 trillion last quarter, translating to a 31.4 per cent increase or N380 billion.
However, owing to the sharp depreciation of the local currency in the period, last year’s Q1 food and beverage import bill was higher than that of this year by was higher by $390 million.
In absolute terms, Nigerians spent $1.6 billion on food and beverage in the first three months of last year as against $1.21 billion spent in the same period this year.
According to the…
Source: Guardian Newspaper
