The report also revealed that Nigeria exported raw commodities worth N1 trillion, resulting in a N1.4 trillion imbalance over the time period under consideration.
Also, according to Statistics, the value of raw materials imported into Nigeria in 2021 was over N1.9 trillion, or almost $4.6 billion. This was a continuation of the increasing trend seen since 2018.
The NBS records show that during this time, the main imports were cane sugar from Brazil, odoriferous materials from Ireland and Swaziland, as well as milk preparations from Malaysia and Ireland.
The Vice President officially launched the national council on infrastructure at a meeting. Gabriel Idahosa, Deputy-President of the Lagos Chamber of Trade and Industry, attributed Nigeria’s economic woes on the failure of the country’s import substitution policy.