Nigerians expended N21.51 trillion on imports over four years, with N6.77 trillion on food products alone. The increase in spending spans multiple categories, including live animals, textiles, and plastics, despite efforts to improve local production capabilities, indicating a persistent dependence on imports.
According to a report from the National Bureau of Statistics, Nigerians spent a total of N21.51 trillion on the importation of goods over the past four years, indicating a persistent reliance on imports. Despite efforts to enhance domestic production, the dependency on imported foodstuffs and other goods has increased significantly across various sectors.
Of the total amount spent, N6.77 trillion was allocated to the importation of prepared foodstuffs, beverages, spirits, vinegar, and tobacco. The spending in this category escalated from N594.08 billion in 2020 to N2.79 trillion in 2024, showing a continuous upward trajectory.
The importation of live animals and animal products also represented a substantial expenditure, totaling N3.64 trillion. Spending on this category started at N454.52 billion in 2020 and surged to N1.49 trillion by 2024. Smaller categories, such as footwear and sunshades, also experienced growth, with total expenditures amounting to N167 billion over the four-year period.
The highest expenditure was observed in the importation of plastic, rubber, and related articles, amounting to N7.72 trillion. The spending surged sharply from N609 billion in 2020 to an impressive N3.46 trillion in 2024. Additionally, textiles, once a strong industry in Nigeria, accounted for N1.93 trillion in imports, increasing consistently each year.
Further, wood and wood-related products saw imports totaling N909 billion, while raw hides, skins, leather, and saddlery goods reached N373 billion. Spending in these categories has steadily increased, indicating a broader trend of reliance on imported goods despite government initiatives to stimulate local production capabilities.
The revealed statistics from the National Bureau of Statistics underscore Nigeria’s increasing expenditures on imported goods, highlighting a significant reliance despite ongoing efforts to enhance local production. The data reflects rising import costs across various food items, plastics, textiles, and other categories, raising concerns about the country’s trade balance and self-sufficiency in essential goods.
Original Source: punchng.com
