The total value of Nigeria’s imports rose to N35.9tn in 2023, up from N25.5tn in 2022 representing an increase of N10.4tr. This increase was brought about by the devaluation in the Nigerian currency.
The breakdown of the data indicates that imports totaled N6.4tn in the first and second quarters of 2023, increasing to N9tn in the third quarter and further to N14tn in the fourth quarter.
In terms of volume, manufactured imports were the highest at N18.3tn, followed by agric imports at N2.2tn and raw materials at N3tn.
