In the fourth quarter of 2023, the value of manufactured goods imported into the country skyrocketed by a staggering 268.76 percent year-on-year, reaching N9.03 trillion, up from N2.45 trillion in the same period in 2022.
This significant increase also marked a notable 128.12 percent rise compared to the third quarter of 2023, where imports totalled N3.96 trillion.
According to the National Bureau of Statistics (NBS) report titled ‘Foreign Trade in Goods Statistics’ for Q4 2023, manufactured goods dominated imports, accounting for 64 percent of the total imports valued at N14.11 trillion during the period.
However, the story takes a different turn when it comes to exports. In contrast to the surge in imports, the value of manufactured goods exports experienced a decline year-on-year, dropping by 24.45 percent to N234.96 billion in Q4 2023 from N311.01 billion in Q4 2022.
The report sheds light on the specific types of manufactured goods imported during the period. Tanks and other armoured fighting vehicles, primarily from Singapore, topped the list with a value of N5.061 trillion. Additionally, used vehicles with diesel or semi-diesel engines, mainly imported from the United States and Italy, amounted to N94.27 billion and N6.69 billion, respectively.
Other notable imports included parts of gas turbines from the United States and Germany, valued at N1.14 billion and N1.12 billion, respectively. Machines for reception, conversion, and transmission of voice, images, or data, worth N6.46 billion, were also imported from China during the period.
The surge in manufactured goods imports may partially be attributed to a shift in importation patterns. Some multinational companies, grappling with forex volatility, naira devaluation, and energy crises, have transitioned to importing goods previously manufactured in Nigeria. This shift in strategy reflects ongoing challenges faced by businesses in the country’s economic landscape.
