The importation of manufactured goods into Nigeria surged astronomically by 139 per cent, year-on-year (YoY), to N5.4 trillion in the first quarter of 2024 (Q1’24) from N2.40 trillion in the corresponding period of 2023 (Q1’23).
Stakeholders have attributed the development to the depreciation of the Naira and the competitive disadvantage of locally produced goods occasioned by the binding constraints confronting the manufacturing sector in the country.
Data obtained from the National Bureau of Statistics (NBS) Foreign Trade in Goods report for Q1’24 shows that the value of manufactured goods imported into the country has been on a quarterly upward trend from the beginning of 2023.
For instance, imported manufactured goods amounted to N2.40 trillion in Q1’23, rising to N3.02 trillion in Q2’23; N3.96 trillion in Q3’23; N3.97 trillion in Q4’23; and N5.74 trillion in Q1’24.
The rising trend continued every month in Q1’24 with imports at N1.60 trillion in January; N1.79 trillion in February; and N2.35 trillion in March 2024.
According to NBS, the value of manufactured goods traded in Q1’24 stood at N6.01 trillion, with N5.74 trillion imports representing 95.5 per cent while the exports component amounted to N268.70 billion, or 4.5 per cent.
