Despite the hues and cries about Nigeria being an import-dependent economy over the years, and importing goods worth over N20 trillion last year alone, economists say that Nigeria is importing too little compared to its African and Asian peers.
Nigeria’s imports were worth N20.84 trillion in 2021, representing an increase of 64%; compared to N12.7 trillion recorded in the preceding year, with Nigeria’s Petrol exports being the largest at N3.97 trillion. Followed by Durum wheat – N1.29 trillion and used vehicles – N770.13 billion.
But imports make up less than 10% of GDP, and Nigeria’s largest import being refined Petroleum. onboard).
A quick look at Nigeria’s import per capita rate, compared with the rising export powerhouses of South East Asia; shows the true picture of how little Nigeria imports for its export goals.
According to data from OEC World, Nigeria’s import stands at $252 billion, with exports of $42 billion for year 2020. Which pales in comparison with Vietnam, which is the largest exporter in the Association of South East Nations.