The importation of manufactured goods into Nigeria experienced a significant surge, skyrocketing by 269% to N9.03 trillion in the fourth quarter of 2023 compared to the same period in 2022. This substantial increase, revealed in the latest report from the National Bureau of Statistics (NBS), indicates a notable shift in the country’s trade dynamics.
According to the NBS report, manufactured goods constituted a substantial portion of the imports, accounting for 64% of the total imports valued at N14.11 trillion during the period. The surge in imports is attributed to various factors, including the closure of ground operations by some multinational companies in Nigeria due to foreign exchange volatility, naira devaluation, and energy crises, among others.
However, amid the surge in imports, the value of manufactured goods exports witnessed a decline. In the fourth quarter of 2023, exports of manufactured goods stood at N234.96 billion, marking a 24.45% year-on-year decrease from N311.01 billion recorded in the same period in 2022.
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The report highlights some of the significant manufactured goods imported during the review period, including tanks and other armoured fighting vehicles, motorized vehicles, and machinery. Notable imports were sourced from countries such as Singapore, the United States, Italy, Germany, and China.
The data underscores the need for strategic measures to enhance local manufacturing capabilities and promote export diversification. Addressing challenges such as forex volatility and energy crises will be crucial in fostering a more balanced trade environment and reducing reliance on imports for manufactured goods.
