- Nigeria imported more petrol and used vehicles in 2021 than the previous years, according to data obtained from NBS
- Also, among the top imports by the country is durum wheat which accounted for N20.84 trillion spent in the year under review
- However, the country exported N14.41 trillion worth of crude oil in 2021 which is a 53 per cent jump compared to the same period in 2021
Nigeria imported more fuel, used vehicles, also known as tokunbo and durum wheat in the outgone year which accounted for 28.9 per cent of the total import bill recorded in the year under review, according to data by the Nigeria Bureau of Statistics (NBS).
The country spent N20.84 trillion in 2021 importing the goods which represents an increase of 64 per cent in comparison to N12,7 trillion recorded in 2020, according to a story by Nairametrics, citing data from NBS.
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This is the highest import bill by Africa’s largest economy according to available data.
Nigeria's international trade jumps
The country recorded a 58 per cent jump in total international trade from N25.22 trillion to N39.75 trillion in 2021 compared to the same period in 2020.
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That places Nigeria as a net importing country with a N1.94 trillion trade deficit.
Furthermore, the report reveals that Nigeria exported N14.41 trillion worth of crude oil in 2021 representing 53 per cent hike compared to N9.44 trillion in 2020, accounting for 76 per cent of Nigeria’s total export earnings.
Top imports are petrol at N3.97 trillion which accounted for 19 per cent of the total imports in the same period as the country continues to import refined petroleum products.
N1.29 trillion was spent importing Durum wheat in the outgone year, accounting for 6.2 per cent of the total import bill in the year being reviewed and the second most imported item.
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The NBS speaks about the imports
“The enormous demand-supply gap is bridged with over $2 billion spent annually on wheat importation. This has made wheat the second highest contributor to the country’s food import bill,” the CBN said in an event held in Plateau State in November 2021.
Nigeria imported food worth N697.2 billion in 2021, says CBN
Legit.ng reported Buhari said Nigria has become self-sufficient in rice production in a interview with Channels Television recently, and is now exporting to other countries around the world.
But if the latest figures by the Central Bank of Nigeria is anything to go by, the President may not have been well briefed about food production in the country.
The apex bank said the Nigerian government has spent about N697.2 billion bringing food from other countries to Nigeria from January to September in 2021.