Manufactured imports rise to N40.94tn, Nigeria exports N4tn goods

Written by on July 13, 2021

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Between January 2017 and March 2021, Nigeria spent N40.94tn on the importation of manufactured goods.

It earned only N4.22tn on the export of manufactured goods within the same period.

These are according to data obtained from the Foreign Trade report of the National Bureau of Statistics.

In the review period, total value of imports was N66.43tn and total value of exports was N67.30tn. Manufactured goods dominated the import bill but contributed little to the export bill of the nation.

Nigeria’s exports were dominated by crude oil according to statistics obtained from the NBS. In the review period, the nation exported N49.31tn worth of crude oil compared to manufactured goods that only earned the nation N4.22tn.

In 2017, Nigeria spent N4.57tn on manufactured imports, and earned N285.23bn on manufactured exports.

Manufactured goods imported by the country included milk and cream in powder specially made for infants, used vehicles, and motorcycles and cycles amongst others.

Source: Punch


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