Naira crash pushes raw material imports to N3tn – NBS report

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.

The major raw materials imported during the period included cane sugar, other lubricating oils meant to be mixed further, preparations of milk containing vegetable fats and oils, mixtures of odoriferous substances, sheets for veneering, among others.

Conversely, Nigeria could only export raw materials worth N1.8tn between 2022 and 2023, recording a N3.6tn balance of trade.