Govt fails to curb Nigerians’ appetite
THE NIGERIAN GOVERNMENT is failing in its campaign to curb decades long appetite of citizens for foreign made goods, according to new figures showing importation of manufactured goods into the country has grown in the nine months to September 2018.
THE NIGERIAN GOVERNMENT is NEWS failing in its campaign to curb decades long appetite of citizens for foreign made goods, according to new figures showing importation of manufactured goods into the country has grown in the nine months to September 2018.
The government, through the Central Bank of Nigeria (CBN) has been leading a charge to control the foreign exchange expended on what has become known as the infamous 41-items banned from accessing foreign exchange through the official windows provided by the banker of last resort in the last three and half years. That list was recently risen to 42 with the addition of fertilizer. President Muhammadu Buhari has been bullish to whip Nigerians to line in his quest to shore up the value of the naira by reducing pressure on the country’s foreign reserves but it would now appear that he has been losing the hearts and minds war, as well as the war to shape how Nigerians spend their money on themselves.
Value of foreign manufactured goods imported into Nigeria hit N4.98 trillion in the nine months from January to September 2018, indicating an increase of 45.2 percent year on year over the N3.43 trillion recorded by September 2017, showing Nigerians’ rising appetite for imported goods compared to locally made goods. Finished goods imports as at September 2018 also surpassed the 2017 full year value which stood at N4.64 trillion by 7.3 per cent data from the National Bureau of Statistics (NBS) has shown.
Nigeria has remained largely disadvantaged in international trade involving manufactured goods across the world with its import bills at N4.98 trillion as at September 2018, far surpassing the export bill which stood at N570 billion in the same period.
indicates that finished goods accounted for 62.8 per cent of total import value N9.09 trillion for the nine-month period, compared to 48.5 per cent of the total N9.56 trillion in 2017.
Nevertheless, value of Nigeria’s finished goods exports more than doubled to N570 billion between January and September 2018 compared N176.6 billion between January and September and N232.05 billion for the full year 2017, indicating an increase of 222.6 per cent year of year and 145.7 per cent over the full year figure.
According to the data from NBS, Nigeria’s leading import in the third quarter of 2018 was Floating or submersible drilling or production platforms worth N1.16 trillion from South Korea.
Used Vehicles were imported mainly from United States and Brazil, in values worth N45.3 billion and N12.0 billion.
Other instruments and apparatus, for medical, surgical sciences were imported from Netherlands in the value N36.7billion.
Motorcycles and cycles were imported from India and China in values worth N29.2 billion and N11.97 billion respectively.
Nigeria exported vessels and other floating structures for breaking up valued at N9.0 billion, N2.9 billion and N1.3billion to Cameroun, Congo and Hong Kong respectively.
Nigeria also exported Airplanes and other aircraft of an unladen weight but not exceed 15000kg valued at N5.6billion to Ghana.
Aluminum alloys, unwrought worth N4.2billion was exported to Japan while Polyethylene having a specific gravity >=0.94, in primary forms worth N2.4 billion was exported to China
Nigeria’s imported goods in the third quarter of 2018 were majorly from Asia and Europe. Asia dominated as import destination into Nigeria accounting for 52.4 per cent of Nigeria’s total imports in Q3 2018. Europe accounted for 35.2 per cent, while America was responsible for 8.4 per cent of Nigeria’s total imports in the period. Africa and Oceania accounted for 3.3 per cent and 0.6 per cent of imports respectively.
South Korea displaced China as Nigeria’s top import destination in the third quarter of 2018. Total value goods imported from South Korea stood at N1.2 trillion, which was 29.1 per cent of Nigeria’s total import in Q2 2018.
Other top five import destinations for Nigeria in the third quarter were China which accounted for N591.36 billion or 14.17 per cent.
Netherlands exported N483.2 billion or 11.58 per cent worth of goods to Nigeria while Belgium’s total export to Nigeria was N291.6 billion or 6.99 per cent. The USA completed the top five import destinations for Nigeria during the period with a value of N224.2 billion or 5.37 per cent share of her total imports in Q3 2018.
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