Nigeria spends N1.5trn on raw materials imports in 6 months

Nigeria imported raw materials worth N1.51 trillion in the first six months of 2021 (H1 2021), Vanguard findings have shown.

A breakdown in the Foreign Trade Statistics of the National Bureau of Statistics (NBS) revealed that importation of raw materials into the country in the first quarter of the year (Q1 2021) gulped N669.2 billion while that of the second quarter (Q2 2021) stood at N840.50 billion, totaling N1.509 trillion for the half year (H1 2021).

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