Manufacturing Sector Dominates Nigeria’s Import Contributions with N3.9tn in Q3 of 2023

The manufacturing sector has topped the list of Nigeria’s import contributions in the 3rd quarter of 2023.

According to the National Bureau of Statistics (NBS) report, the manufacturing sector contributed the most to Nigeria’s imports in Q3 2023, with N3.9tn which accounts for 46.78% of the total.

This data, according to the report, reflects the country’s reliance on imported goods for its manufacturing industry.

Petroleum products came in second with N2.9tn, making up 33.71% of imports. The high demand for petroleum products in Nigeria is due to the country’s dependence on oil and gas as its main source of revenue.

Meanwhile, raw material goods with N950.9bn, agricultural goods with N643.7bn and solid mineral goods with N55.4bn, representing 11.24%, 7.61%, and 0.65% of imports, respectively, followed.

Experts say it is clear that Nigeria is heavily reliant on importation despite the government’s efforts to encourage local manufacturing and exportation.