Amid President Bola Tinubu’s drive to boost non-oil exports and diversify the economy away from crude oil exports, Nigeria’s total imports grew to thirty-five trillion naira in 2023, from twenty-five trillion naira recorded in 2022.
According to data by the National Bureau of Statistics, the breakdown data showed that in the first and second quarters of 2023, total imports stood at six point four trillion naira. It increased to nine trillion naira in the third quarter and again to fourteen trillion naira in the fourth quarter.
Agricultural exports were one point two trillion naira while manufactured goods exported outside Nigeria totalled seven hundred and seventy-eight billion naira.
Speaking with newsmen, 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.”
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