Business: Manufactured Imports Rise To N40.94tn

Nigeria has spent N40.94 trillion on importation of manufactured goods between January 2017 and March 2021.

It was revealed that Nigeria only earned N4.22 trillion on the export of manufactured products within the same period.

Data obtained from the Foreign Trade report of National Bureau of Statistics confirms the statement.

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.

According to the data, 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 are 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.

Goods in the export bill comprised vessels and other floating structures, floating and submersible drilling platforms to countries such as Ghana, Germany and Cameroon.

Goods imported into the country included used vehicles, and motorcycles from the United States, India, and China.

In 2020, import bill ballooned to N12.71tn while export bill dropped below N1tn to N960.7bn.

Manufactured trade deficit was highest in 2020 with a deficit in excess of N11tn.

Nigeria exported N700.48bn worth of manufactured goods to other African countries; N185bn to European countries; and N42.2bn to Asian countries.

In the third quarter of the year, Nigeria spent N5.54tn importing manufactured goods from Asia. In the last quarter of 2020, Nigeria spent N539.4bn importing vaccines and antibiotics from Denmark, Singapore, India, Belgium, the Netherlands, and India.

In Q1, 2021, import bill for manufactured goods was N4.53tn, which dwarfed any quarter in review. Export bill was N250.4bn, leaving a manufactured trade deficit of N4.28tn.

Nigeria’s antibiotics importation for the quarter was N372.5bn. Nigeria imported majorly from China, India, and the Netherlands.