Nigeria spends N40.9tln in importation of manufactured goods

Nigeria spent N40.9 trillion on the importation of manufactured goods between 2018 and 2021.
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.
The imports came mainly from Germany, France, United States, the Netherlands, and China, amongst others. Nigeria exported manufactured goods such as vessels and other floating structures, cigarettes containing tobacco, and fermented cocoa beans.
Nigeria exported to the Netherlands, Malaysia, and Indonesia, amongst others.
In 2018, Nigeria’s manufactured goods import bill rose to N7.19tn, while its export bill was N575.8bn.
The export bill had items such as vessels and other floating structures, and cigarettes containing tobacco. Countries Nigeria exported to within the year included China, Netherlands, and Ghana. Import bill for the year had items such as used vehicles, milk and cream in powder, etc.
In 2019, Nigeria’s manufactured goods import bill shot pass N11.94tn, while the export bill stood at N2.07tn. Manufactured trade deficit was in excess of N9tn during the period.