Nigeria’s food and beverage import bill rises by 30% to N1.59trn in Q1

Date:

June 10, 2024.

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Azonuchechi Chukwu.

Nigeria’s food and beverage import bill increased by 30% from N 1.21 trillion in the fourth quarter of 2023 to N1.59 trillion in the first three months of 2024.

This is according to the first quarter foreign trade report released by the National Bureau of Statistics (NBS).

When compared to the first quarter of 2023, there was a 115% increase in food and beverage imports. Between January and March 2023, Nigeria’s food and beverage import bill stood at N710 billion.

According to the report, food and beverage imports constituted about 12.59% of total imports between January and March 2024- a marginal increase from 11.4% in the corresponding quarter of 2023.

Nigeria incurred an import bill of N540 billion in Q1 2024. This represents an increase of 114% from the N252 billion recorded in the corresponding quarter of 2023. When compared to the previous quarter (Q4, 2023), there was an increase of 32% from N409 billion recorded during the period.

Processed Food and beverage imports in the first three months of the year stood at N865 billion, marking an increase of 137% when compared to the N365 billion recorded in Q1, 2023. In the immediate past quarter, the processed food and beverage import bill increased from N650.55 billion to the current figure.

Processed food and beverage import (Industries), rose from N229.9 billion to N507.2 billion representing an increase of 120.6% year-on-year from the N229.9 billion recorded in the same quarter of last year.

Quarter-on-quarter, the value of processed food imports for industries rose from N382.38 billion to the current figure.

Processed food and beverage import (Household consumption), in the period under review stood at N358.27 billion. This represents an increase of 165% when compared to the same quarter of last year, which recorded N135.15 billion in the value of imports.

Also, there was an increase of N90.1 billion (33.5%) when compared to the N268.17 billion recorded in Q4, 2023.  (www.naija247news.com).

Chukwu Azochukwu, The Naija247news
Chukwu Azochukwu, The Naija247newshttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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