NBS Says Naira Depreciation Increases Imports To N35tn.

NBS Says Naira Depreciation Increases Imports To N35tn.

National Bureau of Statistics says Nigeria’s total imports grew to N35.9 trillion naira in 2023, from N25.5 trillion naira recorded in 2022.

A breakdown of the data showed that, in the first and second quarters of 2023, total imports stood at N6.4tn, it increased to N9 trillion naira in the third quarter and again to N14 trillion naira in the fourth quarter, while, by volume, manufactured imports topped the chart with imports worth N18.3tn. Agric imports stood at N2.2tn while imports of raw materials totalled N3tn.

Agricultural exports were N1.2 trillion naira while manufactured goods exported outside Nigeria totaling N778 billion naira.

Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Muda Yusuf blamed naira depreciation for the significant increase in exports on a year-on-year basis, stating that, the increase in exports comes amid President Bola Tinubu’s drive to boost non-oil exports and diversify the economy away from crude oil exports.

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