Home Business Import bill on manufactured goods falls 18.4% to N2.45trn

Import bill on manufactured goods falls 18.4% to N2.45trn

...

Based on the additional information provided, the value of manufactured goods imported into the country fell to N2.448 trillion in the fourth quarter of 2022. This decline of 18.43 percent compared to the corresponding period in 2021 (N3.001 trillion) indicates a significant decrease in imports. The decrease can be attributed to the government's tightening of restrictions on the importation of certain items.

Furthermore, the N2.448 trillion value of manufactured goods imported in the fourth quarter of 2022 represents 45.6 percent of the total imports during that period, which amounted to N5.363 trillion.

In addition to the year-on-year decline, there was also a quarter-on-quarter decline of 14.11 percent. This means that the value of imported manufactured goods in the fourth quarter of 2022 decreased by 14.11 percent compared to the value recorded in the third quarter of the same year (Q3'22).

These figures suggest a significant reduction in the importation of manufactured goods into the country, likely influenced by government policies and regulations aimed at reducing reliance on imports and promoting local production or other economic factors at play during that period.

source; Vanguardngr.com

https://www.vanguardngr.com/2023/05/import-bill-on-manufactured-goods-falls-18-4-to-n2-45trn/



0 Like
135 Views
Share on Report Post

Latest Comments

    There is no comment.