Naira revaluation pushed Nigeria’s total imports to N35.9 trillion in 2023 from N25.5tn recorded in 2022.
This is according to the National Bureau of Statistics combined imports data for 2023.
A breakdown of the data showed that in the first and second quarters of 2023, total imports stood at N6.4tn.
Similarly, imports increased to N9 trillion in the third quarter and N14 trillion in the fourth quarter.
Accordingly, manufactured imports topped the chart by volume, with imports worth N18.3 trillion. Agric imports stood at N2.2 trillion, while imports of raw materials totalled N3 trillion.
On the other hand, Nigeria got an export worth N35.9 trillion in 2023. However, much of these were under the crude oil category, constituting N29 trillion, while exports of other oil products stood at N3.5 trillion.
Agricultural exports were N1.2tn while manufactured goods exported outside Nigeria totalled N778bn.
Reacting to the development, the Director of the Centre for the Promotion of Private Enterprise, CPPE, Muda Yusuf, said the country’s import figure rose due to Naira devaluation.
He said, “I think it is because of the naira depreciation. If you are importing something that was $1 million when the exchange rate was N450, now you are importing products worth $1 million, and the exchange rate is N1,500.”
OsunDailyNG reported that Naira has been revalued at least twice between June 2023 and March 2024, leading to the currency exchanging at N1,572.82 per USD from N460 at the foreign exchange market.
