The National Bureau of Statistics has revealed that at least $6.7 billion was spent on the importation of manufactured goods in the first six months of 2023.
An analysis of the Foreign Trade Statistics reports published by the NBS indicated that the value of manufactured goods traded stood at N2.5 trillion in the first half of the year.
This means that the country spent about $2.9 billion (N2.39 trillion) on the importation of manufactured goods in Q1.
Further analysis of the data showed that in the second quarter of the year, the value of manufactured goods traded stood at N3.2 trillion, the export component accounted only for 93 per cent (N212 billion) of total trade, while imports were valued at N3 trillion.
This means that $3.8 billion was spent on manufactured imports while $ 461 million was repatriated as earnings via exports of manufactured goods.