Nigerians spent N21.51 trillion on imports over the past four years, with significant expenditures on foodstuffs, live animals, plastics, textiles, and more. Despite efforts to enhance local production, reliance on imports continues to grow. Key spending categories include prepared foodstuffs, plastics, and textiles, with notable increases seen across various sectors.
In recent years, Nigerians have expended a staggering N21.51 trillion on imported goods, including foodstuffs, as reported by the National Bureau of Statistics. Despite initiatives to enhance local production, the nation remains heavily reliant on imports across various sectors.
Among this expenditure, the importation of prepared foodstuffs, beverages, spirits, vinegar, and tobacco accounted for N6.77 trillion over the last four years. Notable annual spending fluctuations were observed, with N594.08 billion in 2020, and increases to N903 billion in 2021, N976 billion in 2022, culminating in N1.51 trillion in 2023 and N2.79 trillion in 2024.
The importation of live animals and related products also witnessed a significant rise, totaling N3.64 trillion for the period. This category began with N454.52 billion in 2020 and rose to N1.49 trillion by 2024, indicating a pronounced growth trend in this sector.
Smaller import categories, such as footwear and sunshades, also saw noteworthy expenditure increases, starting with N23 billion in 2020 and peaking at N65 billion in 2024. The total for this category reached N167 billion over four years.
Plastic, rubber, and related articles represented the largest share of import spending, amounting to N7.72 trillion. The expenditures in this category grew from N609 billion in 2020 to an impressive N3.46 trillion in 2024.
Textile imports, once a thriving segment for Nigeria, increased steadily to N1.93 trillion over the four-year span. Spending in this category rose from N183 billion in 2020 to N726 billion in 2024.
Imports of wood and wood-related products, including charcoal, totaled N909 billion, with annual increases leading to N517 billion in 2024. Furthermore, Nigeria spent N373 billion on importing hides, skins, leather, and saddlery, evidencing a rise from N30 billion in 2020 to N157 billion in 2024.
These statistics underscore Nigeria’s ongoing dependence on imports, despite governmental efforts to promote and enhance local production capabilities.
In conclusion, the N21.51 trillion spent on imports by Nigerians over the past four years highlights a significant reliance on foreign goods across multiple sectors, particularly foodstuffs. The marked increase in various categories reflects persistent challenges in achieving self-sufficiency, despite governmental policies designed to boost local production. The persistent trend raises questions about the effectiveness of these strategies and the need for more robust measures to promote domestic industry.
Original Source: punchng.com
