Manufacturing fuels sharp rise in Nigeria’s forex use
Nigeria’s foreign exchange utilisation surged by 77 per cent in 2025, largely due to increased activity in the manufacturing sector. Financial experts, including Sola Adekanmbi, say this signals a shift toward greater investment in productive industries. The Central Bank of Nigeria’s data shows food imports now make up a much smaller share of total forex spending. Analysts believe this trend points to a realignment of the country’s economic priorities.
TLDR
- Total foreign exchange utilisation in Nigeria rose from $26.65bn in 2024 to $47.17bn in 2025.
- The manufacturing and industrial sectors were the primary drivers of this increase.
- Food import bills fell to $2.34bn in 2025, down from $2.53bn in 2024.
- The share of food imports in total forex use dropped from 9.49 per cent in 2024 to 4.97 per cent in 2025.
- Monthly food import spending averaged $195.28m in 2025, with a low of $141.13m in April and a peak of $248.60m in September.
