Nigerians’ Preference For Imported Goods Widens Trade Deficit To N3.03trn

The preference of Nigerians for imported goods have widened the country’s trade deficit by N3.03trn in the third quarter of this year, figures released by the National Bureau of Statistics have revealed.

The NBS on Monday disclosed that total foreign trade in Nigeria rose to N13.3tn in the third quarter of the year.

The N13.3trn trade comprises N8.2tn imports and N5.1trn exports, resulting in a trade deficit of N3.03tn.

These figures portray a low performance of the Nigerian industrial sector that is believed to be in a steady steep decline for over 30 years now.

The President of the Nigeria Employers’ Consultative Association (NECA), Mr. Taiwo Adeniyi, declared on July 15 during the association’s 64 annual general meeting that, “Nigeria is a net importer of manufactured goods.”

The latest figures show that Nigeria’s imports expenditure grew by N1.3tn from N6.95trn recorded in the second quarter of 2021.

The NBS noted that the rise in imports was driven majorly by increase in the importation of commodities such as motor spirits N1.1trn, Gas Oil N225.6bn, imported motorcycles valued at N116.3bn.

The NBS also listed China (N2.4trn), India (N710.3bn), the United States (N599.1bn), Netherlands (N554.2bn)and Belgium (N434.1bn) as Nigeria’s top five import trade partner during the review period.

Similarly, the top five major trading partners in export trade during the 3rd Quarter, were India with N758.1bn, Spain with N627.01bn, Italy with N446.04bn, France with N363.23bn and Netherlands with N242.49bn.