Nigeria's Reliance on Imports Surges 47.7%
-
Nigeria relies heavily on imports to meet demands of its rising population and sustain economic growth
-
Top imported commodities include motor spirit ordinary, gas oil, durum wheat, cane sugar, and used vehicles
-
Motor spirit made up 22.71% of imports in Q3 2023, valued at N1.9 trillion
-
Total imports in Q3 2023 valued at N8.5 trillion, a 47.7% increase from previous quarter
-
Import levels influence inflation, employment, and overall economic stability in Nigeria