According to data by the National Bureau of Statistics, Nigeria’s total imports grew to N35.9tn in 2023, from N25.5tn recorded in 2022.
A breakdown of the data showed that in the first and second quarters of 2023, total imports stood at N6.4tn. It increased to N9tn in the third quarter and again to N14tn in the fourth quarter.
By volume, manufactured imports topped the chart with imports worth N18.3tn. Agric imports stood at N2.2tn while imports of raw materials totalled N3tn.
On the other hand, Nigeria was able to churn out exports worth N35.9tn. However much of these were under the category of crude oil which constituted N29tn while exports of other oil products stood at N3.5tn.
Agricultural exports were N1.2tn while manufactured goods exported outside Nigeria totalled N778bn.
This means that Nigeria recorded a balance of trade of –N1tn in the agricultural sector and a staggering –N17.5tn in the manufacturing sector.
Speaking with our correspondents, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Muda Yusuf blamed naira depreciation for the significant increase in exports on a year-on-year basis.
He said, “I think it is because of the naira depreciation. If you are importing something that was $1m when the exchange rate was N450, now you are importing products worth $1m and the exchange rate is N1,500.
“That is three times already if you multiply it in naira. So, in dollar terms, it is possible that the import has even reduced. We have to consider that.”
The increase in exports comes amid President Bola Tinubu’s drive to boost non-oil exports and diversify the economy away from crude oil exports.
