Manufactured goods imports rise 269% to N9trn

The value of manufactured goods imported into Nigeria has risen by 268.76 percent to N9.03 trillion in the fourth quarter of 2023 from N2.45 trillion in the same period in the previous year.

Comparatively, the figure increased by 128.12 percent to N3.96 trillion recorded in the third quarter of 2023.

A report by the National Bureau of Statistics titled, ‘Foreign Trade in Goods Statistics’ for the fourth quarter of 2023, indicate that manufactured goods were mainly imported for the period.

The manufactured goods made up for 64 percent of total imports valued at N14.11 trillion during the period.

The report also indicated that manufactured goods mainly imported during the review period were tanks and other armoured fighting vehicles, motorised, whet’ from Singapore valued at N5.061 trillion followed by used vehicles, with diesel or semidiesel engine imported from the United States and Italy valued at N94.27 billion and N6.69 billion respectively.

Other goods imported include parts of other gas turbines from The United States and Germany at N1.14 billion and N1.12 billion respectively, while machines for reception, conversion and transmission of voice, images or data valued at N6.46 billion were imported from China during the period.

BEB