Tuesday, January 19, 2021

Nigeria spends N9.3tn on importation in nine months



About N9.3tn was spent on the importation of manufactured goods into Nigeria from January to September 2020, the latest data from the National Bureau of Statistics have shown.

Manufactured goods imports into the country rose significantly in the third quarter of last year as the manufacturing sector was hard hit by the COVID-19 disruptions, border closure and foreign exchange scarcity.

The sector contracted in the six months to October amid the economic fallout of the pandemic.

Although it snapped out of the doldrums in November, the sector shrank again in December, according to the Central Bank of Nigeria’s Purchasing Managers’ Index Survey Report.

It said the manufactured goods imported into the country in Q3 were valued at N3.83tn, up from N2.78tn in Q2 and N2.66tn in Q1.