The National Bureau of Statistics (NBS) has reported a significant rise in Nigeria’s import activities during the fourth quarter of 2024, reflecting changes in trade patterns and the country’s economic landscape.
According to the latest figures released by the NBS, imports surged across various sectors, with an uptick in the purchase of industrial equipment, petroleum products, and consumer goods. The increase in imports is attributed to several factors, including a rise in domestic demand, challenges in local production, and fluctuations in foreign exchange rates.
While the exact percentage of the increase was not disclosed in the preliminary report, economic analysts have warned that excessive reliance on imports could further pressure Nigeria’s foreign exchange reserves. The situation is particularly concerning amid ongoing efforts by the government to promote local production through policies aimed at boosting the manufacturing sector.
Experts have called on policymakers to address structural issues in the economy to reduce dependency on imported goods, particularly in areas where Nigeria has the potential for self-sufficiency. The report also highlights the need for improved trade policies that balance importation with local industrial growth to ensure a more sustainable economic future.