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Manufactured imports rise to N40.94tn, Nigeria exports N4tn goods

Manufactured imports rise to N40.94tn, Nigeria exports N4tn goods
The Punch
Published 13 July 2021
• Our goods are of high standards but environmental constraints drive up cost – MAN
Between January 2017 and March 2021, Nigeria spent N40.94tn on the importation of manufactured goods.
It earned only N4.22tn on the export of manufactured goods within the same period.
These are according to data obtained from the Foreign Trade report of the National Bureau of Statistics.
In the review period, total value of imports was N66.43tn and total value of exports was N67.30tn. Manufactured goods dominated the import bill but contributed little to the export bill of the nation. ....

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Six months after, Nigeria yet to domesticate, implement AfCFTA | The Guardian Nigeria News - Nigeria and World News — Nigeria — The Guardian Nigeria News – Nigeria and World News

• Free trade will commence when crucial criteria are completed, says Customs
Six months after trading officially commenced under the African Continental Free Trade Area (AfCFTA), Nigeria and some other countries continue to lag behind, having stalled the process to domesticate trade protocols in line with the implementation of the new trade regime.

With the rules of origin yet to be defined, Nigerian exporters and manufacturers are left in the dark on the next line of action as other countries take national positions in safeguarding local industries and expanding regional agenda.

AfCFTA took off on January 1, 2021, but some nations are yet to fashion out the rules of origin, which is the major aspect of the trade framework. ....

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