Posted 3/19/2024, 12:31:06 AM
Nigeria's Imports Surge to N35.9tn in 2023, Driven by Naira Depreciation and Manufactured Goods Deficit
- Nigeria's imports grew to N35.9tn in 2023, up from N25.5tn in 2022, largely due to naira depreciation
- Manufactured goods made up over half of Nigeria's imports at N18.3tn
- Nigeria recorded trade deficits of N1tn in agriculture and N17.5tn in manufacturing
- Non-oil exports only generated $4.5bn in revenue in 2023, down from $4.8bn in 2022
- Factors limiting exports include high costs, insecurity, lack of skills, forex instability, and trade barriers
