Moribund Mills: Swallow N1.63 trillion in Paper Imports in Five Years

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Nigeria spent N1.63 trillion on the importation of paper and related products in the last five years despite having an abundance of domestic raw materials.

According to data from the National Bureau of Statistics, Nigeria imported N412 billion worth of paper and related goods in 2022, an increase of 25%.

The sector is plagued by concerns like crumbling infrastructure, a lack of foreign currency, depreciation of the naira, growing raw material costs, subpar research efforts, and policy-related problems, according to him.
According to the Manufacturers Association of Nigeria’s (MAN) most recent CEO’s Confidence Index report, the pulp, paper, printing, and publishing sector’s score decreased from 50.9 points in the third quarter of 2022 to 49.6 points in the fourth quarter.

The score indicates a gross loss of confidence in the economy by manufacturers operating in the sectoral group,” MAN said.

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