The U.S. Department of Commerce (Commerce) is increasing each civil monetary penalty within Commerce's jurisdiction for 2022 by 6.2 percent. The increases become effective on Jan. 15,.
Dublin Ireland Nigeria’s fuel import bill rose sharply by 55.64 per cent as the country spent N2.523 trillion on the importation of Premium Motor Spirit (PMS), also known as petrol, in nine months, between January and September 2021, according to latest data released by the National Bureau of Statistics (NBS). The NBS, in its…
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’Femi Asu
Published 12 March 2021
Imports of raw materials into Nigeria rose to N2.32tn last year amid the COVID-19 pandemic from N1.34tn in 2019, according to data from the Nigerian Bureau of Statistics.
The NBS said in its latest Foreign Trade Statistics report that the value of total trade in raw material stood at N762.6bn in the fourth quarter of 2020.
It said the import component was valued at N715.7bn while the export component stood at N46.9bn.
“The value of raw material imports grew marginally by 0.75 per cent in Q4 2020 compared to Q3 2020 but was 113.12 per cent higher compared to Q4 2019. For 2020, the value of raw material imports was 72.5 per cent higher than the value recorded in 2019,” the statistics office said.
Nigeria’s trade with other countries worsened in 2020, resulting in a trade deficit of N7.37 trillion for the year, following sharp declines in exports of crude oil, solid minerals and manufactured goods.