Nigeria’s Raw Material Imports Soar To N2.4trillion  

Nigeria spent at least N2.4tn to import raw materials from other countries in 2022, according to data collated from Foreign Trade Statistics of the National Bureau of Statistics. <br />The data also showed that Nigeria exported raw materials to the tune of N1tn, leaving a deficit of N1.4tn during the period under review. <br />Statistica also reported that raw materials imported into Nigeria amounted to over N1.9tn in 2021, amounting to about $4.6bn. <br />The NBS data says major imports during this period included cane sugar from Brazil, odiferous substances from Ireland and Swaziland, as well as milk preparations from Ireland and Malaysia.