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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.