NBS Report: Naira Crash Pushes Raw Material Imports To N3trn   Imports of raw materials into the country rose by 25 per cent to N3tn in 2023. This is according to the Foreign Trade Statistics data published by the National Bureau of Statistics (NBS). The major raw materials...

Amid FX Crisis, Nigeria Imports 60.4bn Litres Of Petrol In 32 Months With zero local production of petrol in the 32 months spanning January 2021 to August 2023 and amid dwindling FX inflow, Nigeria imported 60.428 billion litres of petrol from Europe. However, data obtained from...

FG Says Car, Fuel Imports Gulp $46bn Annually The Special Adviser to the President on Economic Affairs, Tope Fasua, on Tuesday, urged the Central Bank of Nigeria to reduce the number of bureau de change operators in Nigeria from over 5,000 to about 200. Fasua, a...

Food Imports Rise By 122% As Deficit Hits N4.9trn   Despite continuous government efforts to shore up food production in Nigeria through various intervention programmes, the country recorded foods trade deficit worth N4.92 trillion between 2018 and 2022. Available data shows that Nigeria is not growing enough...

Wheat Price Rises By 50% As Import Drops   The price of durum wheat has risen by 50 per cent since the start of 2022 and its importation has fallen by 16.09 per cent. This is because of the global scarcity of wheat caused by the Russian-Ukraine...

Raw Materials Import Declines By 22.36% To N1.88trn - NBS   Manufacturers spent N1.88tn on raw materials import in nine months, foreign trade reports of the National Bureau of Statistics (NBS) have shown. The Q1-Q3 foreign trade reports indicated that manufacturers imported raw materials worth N1.88 bn...