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HomeTop NewsNigeria's imports bill jumps to N21 trln in 5-years ~Data

Nigeria’s imports bill jumps to N21 trln in 5-years ~Data

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Nigeria’s import bill continues to mount as records from both the Central Bank of Nigeria (CBN) and the National Bureau of Statistics (NBS) showed that a total of N20.84 billion commodities were imported into the country in 2021, rising from N8.73 trillion import bill in 2016.

The data showed that the country imported commodities worth N12.11 trillion within the five-year period, which is about 129.10 per cent increase.

The CBN data showed that the nation’s imports have been rapidly increasing since 1980.

The CBN stated that Nigeria’s import bill rose from $16.65 billion in 1980 to $67.05 billion in 2014, this has negatively impacted the country’s foreign exchange reserves.

Nigeria’s rapidly growing appetite for imported goods, among other things, creates a large demand for the United States dollar while supply remains poor.

READ ALSO: Banks borrowing from CBN repo window declines 0.45% to N1.35 trln in Q1 2022

This factor contributes to the continuous deprecation of the naira against the dollar, the report noted.

An analysis of data from the Nigeria Bureau of Statistics (NBS) showed that in Q1 2016, Nigeria imported goods worth N1.45 trillion, the figure rose to N2.06 trillion in Q2, N2.41 trillion in Q3 and further to N2.51 trillion in Q4.

A breakdown of total imports in 2021 revealed that in Q1 2021, Nigeria imported N6.85 trillion worth of goods and N6.95 trillion in Q2.

The country’s quarterly import bill rose sharply in Q3 to N8.13 trillion but fell to N5.94 trillion in Q4.

Further analysis of the foreign trade report by the NBS revealed that total exports for 2021 were N18.91 trillion, creating a trade deficit of N1.94 trillion.

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