- July 13, 2021
- Posted by: adminer
- Category: Free Trade, Trade and Industry
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.