Imports of raw materials into the country rose by 25 per cent to N3tn in 2023.
This is according to the Foreign Trade Statistics data published by the National Bureau of Statistics.
The major raw materials imported during the period included cane sugar, other lubricating oils meant to be mixed further, preparations of milk containing vegetable fats and oils, mixtures of odoriferous substances, sheets for veneering, among others.
Conversely, Nigeria could only export raw materials worth N1.8tn between 2022 and 2023, recording an N3.6tn balance of trade.
Speaking with The PUNCH, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Muda Yusuf, linked the increase in raw material imports (in naira terms) to the depreciation of the naira.
He said, “I think it is because of the naira depreciation. If you were importing something that was $1m when the exchange rate was N450, now you are importing products worth $1m and the exchange rate is N1,500.
“That is three times already if you multiply it in naira. So, in dollar terms, the import may have even reduced. We have to consider that.”
