National Telescope national telescope newspaper
There are indications that dependence of Nigeria’s manufacturing sector on imported raw materials is increasing as the value of raw material imports rose to N649.21 billion in the third quarter ended September 30, 2022 (Q3’22).
This represents a 23.9 percent Year-on-Year (Y/Y) increase against N523.97 billion the manufacturers spent on raw materials import in the corresponding period in 2021.
However, on Quarter-on-Quarter (QoQ), the figure shows a 6.74 percent decline when compared to N696.12 billion recorded in Q2’22, according to the Foreign Trade in Goods Statistics for Q3’22 released by the National Bureau of Statistics, NBS.
Analysis of trade statistics for the period showed that raw material imports represented 11.5 percent of total import, which stood at N5.664 trillion within the review period.
Meanwhile, the value of raw material goods exports in Q3, 2022 stood at N186.02 billion, showing a drastic decrease of 49.87 percent and an increase of 23.58 percent than the value recorded in Q2, 2022(N371.10 billion) and Q3, 2021 (N150.52 billion) respectively.
Others are other oil products imports with a total import value of N1.614 trillion, which represented 28.5 percent of the total import.
Agricultural imports accounted for 9.04 percent of the total imports at N512.91 billion; the value of solid minerals imports in the third quarter of 2022 at N37.66 billion, accounted for 0.7 percent of the total imports, while the value of energy goods imports at N4.28 billion represented 0.07 percent of the total imports.
(Vanguard)
