According to World Bank data, Nigeria is not as import-dependent as perceived by many people. Nigeria, despite being an oil-producing nation with a population of 200 million, struggles to dispel the label of an import-dependent country.
The import to GDP ratio, a measure of how much a country imports relative to its economic size, stands at 11.8 percent, indicating that Nigeria is not as import-dependent as perceived. However, public opinion, including that of policymakers, often paints a different picture.
Comparing import ratios, Nigeria would need to import nearly two times more to align with Egypt and almost three times more to match South Africa’s import levels. South Africa and Egypt import 31.5 and 21.9 percent of their GDP, respectively, whereas Nigeria’s imports constitute only 11.8 percent, according to World Bank data.
This disparity challenges the common misconception that Nigeria imports excessively.Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise, emphasized that Nigeria is not as import-dependent as widely believed, especially considering its low import to GDP ratio.
Source: Business Day