The imports for the year 2023 and the year 2022 are N35.9tn and N25.5tn, respectively. Judging by the National Bureau of Statistics data, total importations in Nigeria rose significantly in 2023 compared to the previous year.
According to the data, the fourth quarter of 2023 saw the highest imports, with a total of N14tn. The imports in the year’s first, second, and third quarters were N6.4tn, N9tn, and N9tn, respectively.
Furthermore, according to the data, manufactured imports took the lion’s share of about N18.3tn, agriculture imports at N2.2tn, and N3tn to raw material imports.
According to data, Nigeria recorded a total export worth N35.9tn in the year 2023. Crude oil exports were the leading exports, worth N29tn. Agricultural exports, manufactured exports, and other oil products stood at N1.2tn, N778bn, and N3.5tn, respectively. Concerning the above explanation, the manufacturing sector has a trade deficit worth N17.5tn.
According to the Director-General of the Manufacturers Association of Nigeria, Nigeria ranked 52nd in global export trade, showing that the country needs to improve its exports.
Moreover, he mentions some factors hindering exports in Nigeria, including high transportation costs, high costs of materials (local and imported), insecurity, and deterioration of currency.
The country’s dependence on crude oil products is a major factor that needs to be addressed for other sectors to develop.
