Nigerians Are Importing Less And Less

Nigerians Are Importing Less And Less

A total of $411.32 billion worth of goods have been imported into the country, between 2010 and 2017. And even so, the amount invested into importation has been gradually reducing for a few years now.

In 2017, Nigeria imported $32.67 billion worth of goods, down by 7.29% from the total amount of good imported in the previous year – 2016. Nigerian imports represent a tiny 0.2% out of total global imports of $16.054 trillion recorded in year 2017.

Imports in recent years

One very important fact to note is that Nigeria’s total import has been declining since 2015, when the value of imported products dropped to $52.33 billion, from the $61.54 billion it imported earlier in 2014. In 2016, Nigerians imported foreign goods worth $35.24 billion into the country. This is a decline of 32.7% from the total amount imported in 2015 ($52.33 billion).

The highest value of imported foreign goods in recent years was in 2011, when a total amount of $66.78 billion imported products was brought into the country. This was followed by 2014 and 2013, when Nigerians consumed $61 billion and $55.25 billion worth of imported goods respectively.

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