N2.4tn Increase In Nigeria’s Raw Material Import – NBS

The record showed that Nigeria spent at least N2.4tn to import raw materials from other countries in 2022, according to data collated from Foreign Trade Statistics of the National Bureau of Statistics.

Statistica also reported that raw materials imported into Nigeria amounted to over N1.9tn in 2021, amounting to about $4.6bn.

In the preceding year (2020), around N1.4tn worth of raw materials (about $3.4bn) was imported. This followed the upward trend observed since 2018.

According to the NBS data, major imports during this period included cane sugar from Brazil, odiferous substances from Ireland and Swaziland, as well as milk preparations from Ireland and Malaysia.

During the Annual General Meeting of the Apapa branch of the Manufacturers Association of Nigeria, the immediate past MAN President, Mansur Ahmed, said excessive reliance on imported raw materials had significantly weakened Nigeria’s manufacturing sector.

He said, “Our manufacturing sector is weak because it is dependent on imported materials that we then process. We must therefore scale up or scale down. Our manufacturers have to go back and do the transformation. We in manufacturing need to focus on this issue. We need to build infrastructure. I was in a meeting where the Vice President inaugurated the national council on infrastructure.

“That is a very positive development. In our engagements and advocacy, we need to work with the government and indeed other stakeholders to ensure that the overall long-term transaction is for us to move our manufacturing sector from where we are today to where we should be, which is less dependence on imported materials, on foreign exchange issues, lack of dependence on machinery and spare parts. We have the capacity, we have the resources, we have the basic inputs we need. If we focus on this, the government will be a very willing partner.”