Naira revaluation pushed Nigeria's total imports to N35.9 trillion in 2023 from N25.5tn recorded in 2022. This is according to the National Bureau of Statistics combined imports data for 2023. A breakdown of the data showed that in the first and second quarters of 2023, total imports stood at N6.4tn. Similarly, imports increased to N9 trillion in the third quarter and N14 trillion in the fourth quarter. Accordingly, manufactured imports topped the chart by volume, with imports worth N18.
However, much of these were under the crude oil category, constituting N29 trillion, while exports of other oil products stood at N3.5 trillion. Agricultural exports were N1.2tn while manufactured goods exported outside Nigeria totalled N778bn. Reacting to the development, the Director of the Centre for the Promotion of Private Enterprise, CPPE, Muda Yusuf, said the country's import figure rose due to Naira devaluation. He said, 'I think it is because of the naira depreciation.