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.
The data also showed that Nigeria exported raw materials to the tune of N1tn, leaving a deficit of N1.4tn during the period under review.
According to Investopdeia, raw materials are substances or items used in the primary production or manufacturing of goods. 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.
