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Importation of manufactured goods up 269% to N9trn amid declining exports

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Importation of manufactured goods up 269% to N9trn amid declining exports

The value of manufactured goods imported into Nigeria grew Year-on-Year (YoY) by 268.76 percent to N9.03 trillion in the fourth quarter of 2023, from N2.45 trillion in the same period in 2022.

The figure equally increased by 128.12 percent when compared to N3.96 trillion recorded in the third quarter of 2023 (Q3’23), according to the National Bureau of Statistics’ (NBS) report on ‘Foreign Trade in Goods Statistics’ for Q4 2023.

The report shows that manufactured goods dominated the imports for the period, accounting for 64 percent of total imports valued at N14.11trillion during the period.

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The value of manufactured goods exports stood at N234.96 billion in Q4, 2023, a 24.45 percent YoY decline from N311.01 billion recorded in Q4’22.

According to the report, manufactured goods mainly imported during the review period were tanks and other armoured fighting vehicles, motorised, whet’ from Singapore valued at N5.061 trillion followed by used vehicles, with diesel or semidiesel engine imported from the United States and Italy valued at N94.27 billion and N6.69 billion respectively.

Other goods imported include parts of other gas turbines ‘not specified’ from The United States and Germany at N1.14 billion and N1.12 billion respectively, while machines for reception, conversion and transmission of voice, images or data valued at N6.46 billion were imported from China during the period.

A shift to importation of goods hitherto manufactured in Nigeria by some multinationals that recently closed ground operation in the country due to foreign exchange (forex) volatility, naira devaluation and energy crises among others, may partly account for the increase in the value of manufactured goods import within the period under the review.

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