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Nigeria’s debt crisis deepens as FG borrows N10.85trn in four months

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Tag: Importation

Finance

Nigeria spends $6bn yearly on imported clothing — FG

The Federal Government has indicated that Nigeria’s textile industry is struggling with massive importation, poor infrastructural backbone against local manufacturers and trade malpractices. Vanguard reported that speaking to journalists in Abuja on Monday, Minister of Industries, Trade and Investment, Dr. Olajumoke Oduwole, said as a result of weakened domestic production, Nigeria spends about $6 billion […]

Agribusiness

Farmers lament soaring prices despite import relaxation

The federal government’s decision to ease restrictions on selected food imports has provided short-term relief to consumers facing soaring food prices. BusinessDay reported that agricultural stakeholders, however, warn that the policy is causing heavy losses for local producers and jeopardising long-term food security in Nigeria. According to media reports, Fatai Afolabi, managing director at Foremost […]

Economy

Capital importation dropped 62% in August

Nigeria’s capital importation declined sharply by 62 per cent on a month on month basis to $1.13 billion in August 2025, down from $2.98 billion recorded in July of the same year. Despite the overall drop in capital inflows, Foreign Direct Investment rose significantly during the period, increasing by 140 per cent month on month […]

Nigeria’s car imports decline amid economic pressures
News

Nigeria’s car imports decline amid economic pressures

Nigeria saw a significant drop in passenger car imports in 2024 as rising inflation and the sharp depreciation of the naira drove up the cost of foreign exchange, making vehicle imports more expensive. According to the latest foreign trade report from the National Bureau of Statistics, the total value of passenger car imports declined by […]

$20bn spent yearly by African countries on wheat import - TAAT
Business

$20bn spent yearly by African countries on wheat import – TAAT

The Head of the Technologies for African Agricultural Transformation Clearinghouse, Dr. Solomon Gizaw, has stated that Africa spends about $20 billion a year on wheat imports. According to The Times, he made this statement at a Train-the-Trainer course on wheat seed production in Kano. He claimed that supply delays and higher wheat prices in Africa have resulted […]

Laptop dealers struggle amidst high costs, low demand
Business

India bans foreign importation of laptops, tablets

In the bid to bolster local manufacturing, the Indian government has swiftly imposed restrictions on imports of laptops, tablets, and personal computers, as announced in a notice on Thursday. This move signifies a resolute effort to stimulate domestic production, with the notice stating, “Their import would be allowed against a valid license for restricted imports.” […]

Minister of Science, Technology and Innovation, Dr Olorunnimbe Mamora
Business

Ban import of goods Nigeria can produce, Innovation Min tells FG

The Minister of Science, Technology and Innovation, Dr Olorunnimbe Mamora, has proposed a ban on the importation of foreign goods that can be made locally in Nigeria. Channels reported that the minister made this statement on Tuesday during the 71st Ministerial Media Briefing at the Presidential Villa, Abuja, stating that the ban will protect domestic […]

Naira redesign: CBN has my approval, Buhari clarifies
Business

Substandard ACs, refrigerators suck Nigerians’ finances – FG

The Federal Government has stated that it will not allow the importation of substandard air conditioners and refrigerators as they strain finances, causing higher energy bills. This followed after the United Nations reported that Nigerians purchase about one million air conditioners annually. According to The Punch, Nigeria government has instructed relevant agencies to ensure that […]

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