Nigerians spent N21.51 trillion on imports over four years, significantly on foodstuffs. Despite local production efforts, reliance on imports remains high with substantial annual increases across various categories, including plastics and textiles.
Nigerians have reportedly spent approximately N21.51 trillion on the importation of various goods, particularly foodstuffs, over the past four years, according to data from the National Bureau of Statistics. This statistic underscores the persistent dependence on imports despite governmental initiatives to enhance local production.
Out of the total expenditure, N6.77 trillion was allocated for prepared foods, beverages, spirits, vinegar, and tobacco. Spending on these items escalated from N594.08 billion in 2020 to N2.79 trillion in 2024, indicating a notable increase year on year.
The importation of live animals and animal products also saw significant expenditure, totaling N3.64 trillion across the reviewed period. This category began with expenditures of N454.52 billion in 2020 and peaked at N1.49 trillion in 2024, reflecting a continuous upward trend.
Smaller categories, such as footwear and headgear, experienced an increase in import costs as well. For example, N23 billion was spent in 2020, rising to N65 billion by 2024, bringing the aggregate expenditure in this category to N167 billion over the four years.
Furthermore, plastic and rubber products accounted for the largest share among imports, totaling N7.72 trillion. Notable increases were recorded, culminating in a staggering N3.46 trillion spent in 2024, up from N609 billion in 2020.
Textiles, once a robust industry in Nigeria, also demonstrated growing import expenditure, reaching N1.93 trillion over four years. This was marked by increases from N183 billion in 2020 to N726 billion in 2024.
Other notable expenditures include N909 billion for wood and wood-related items and N373 billion for raw hides, skins, and leather products, illustrating the distinct reliance on imported materials across various sectors despite policies targeting local production enhancement.
The substantial expenditures on imports in Nigeria, amounting to N21.51 trillion over four years, indicate a continued reliance on foreign goods, particularly in food and essential categories. The increasing trends across multiple sectors, despite government efforts to bolster local production, highlight significant challenges in achieving self-sufficiency and reducing import dependency. These findings call for a reevaluation of policies to enhance domestic production capabilities.
Original Source: punchng.com
