Nigeria Imports N13.7tn Manufactured Goods In Nine Months

Data from the National Bureau of Statistics showed that Manufactured goods valued at N13.7tn were imported into Nigeria from January to September this year.

The country exported N757bn worth of manufactured goods in the nine-month period, accounting for 0.06 per cent of the total trade of N14.3tn.

Manufactured goods imported into the country included antibiotics, used vehicles, motorcycles, and machines for reception of voice, while goods exported from the country included vessels and other floating structures as well as aluminum alloys.

Breakdown Analysis

The value of trade in the manufacturing sector stood at N4.78tn in the first quarter of this year, representing 49.01 percent of the country’s total trade in the period, according to the NBS.

Out of N4.78tn, exports accounted for N250.4bn while the import component stood at N4.5tn.

In Q2, Nigeria imported N4.3tn worth of manufactured goods and only exported N211.6bn goods, bringing the total trade in the sector to N4.5tn.

The country saw its import of manufactured goods rise to N4.9tn in Q3 and exports climbed to N295.03bn, resulting in total trade of N5.2tn.

The NBS noted that manufactured goods exports in Q3 were 39.4 per cent more than the value in Q2 and 121.6 per cent higher than Q3 2020.

It said manufactured goods imports were 13.98 per cent higher in Q3 than the level in Q2 and 42.73 per cent more than that of Q3 2020.

Kehinde Ogunyale

Reporting on the data-driven economy, and investigations.

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