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FGN savings bond allotments rise N11bn to N47.25bn

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FGN savings bond allotments rise N11bn to N47.25bn

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Tag: Imports

Finance

Manufactured imports hit ₦18trn amid rising import dependence

Nigeria recorded a 16.9 per cent Year-on-Year rise in manufactured goods imports, reaching N18 trillion in the first half of 2026, a development that has intensified worries about the country’s growing dependence on imports and the strain on local manufacturers. Vanguard reported that according to the latest Foreign Trade Statistics released by the National Bureau […]

featured Oil and Gas

Nigeria boosted US crude imports by 167% in 2025

Nigeria’s crude oil imports from the United States surged by 167 per cent in 2025. According to data from the United States Energy Information Administration, Nigeria imported a total of 42.13 million barrels of crude oil from the US in the first 10 months of 2025. This figure represents a year-on-year increase of about 26.34 […]

News

FX stability drives Nigeria’s car imports to N1.01tr

Nigeria’s importation of passenger motor cars rebounded strongly in 2025 as relative stability in the foreign exchange market eased pressure on dealers and buyers, according to foreign trade statistics from the National Bureau of Statistics. Data from the NBS showed that the value of passenger motor car imports rose to N1.01tn in the first nine […]

Business featured

Nigeria’s raw material imports surge to ₦3.53trn in six months

Nigeria’s manufacturing sector is increasingly dependent on imported raw materials for survival, a trend that runs contrary to national plans and expectations and is actively undermining the Federal Government’s import substitution policy. Raw materials imports increased by 19.7 per cent, year-on-year to ₦3.53 trillion in the first half of 2025, up from ₦2.95 trillion in […]

How FG spent N231bn on arms in four years - Report
News

Nigeria spent N26.95bn on foreign arms in H1 2025

Nigeria’s import bill for arms and ammunition surged in the first half of 2025, with the country spending N26.95 billion on foreign weapons compared to N11.76 billion in the same period of 2024. This represents a 129% increase year-on-year, according to the National Bureau of Statistics foreign trade report. The rise reverses the slump seen […]

Business

4% FOB levy’ll add ₦4trn to freight costs, Importers warn

The Importers Association of Nigeria has declared that the four per cent free on-board, FOB levy is estimated to add N4 trillion annually to freight costs, a burden that would be transferred directly to consumers. Speaking at its National Executive Committee meeting, National President/Board of Trustee Chairman, Chief Gilbert Obi, warned that the levy would […]

Business

US slashes Nigerian imports by 41% in one month

The United States has slashed its imports of Nigerian goods by 41 per cent in just one month, raising alarm over the fragile state of Nigeria’s trade relations with one of its most strategic global partners. New figures from the U.S. Census Bureau and the Bureau of Economic Analysis indicate that U.S. imports of Nigerian […]

Shipping companies to add surcharges o Europe, American bound containers
featured Maritime

Customs end duties on imports under $300

Nigerian travellers and online shoppers will no longer pay customs duties on goods worth $300 or less, following a new policy approved by the Nigeria Customs Service Board. The “de minimis” threshold, which came into effect on 8th September, means that small imports through express shipments or passenger baggage will be cleared immediately without customs […]

Business featured

10 unbelievable things Nigeria imports

Countries around the globe frequently partake in the importation of goods, especially when local manufacturing or production cannot meet the demands of a burgeoning population. This global phenomenon underscores the essential nature of importation in sustaining economies. Importation is the process of transporting goods and products across international borders, contributing to the exchange of resources […]

Only four Nigeria states attract foreign investment in Q4 - Report
Agribusiness Oil and Gas

How Nigeria spent N6.7trn on agric imports in five years – NBS

Figures from the National Bureau of Statistic shows that Nigeria spent N6.7 trillion in total over five years on the importation of agricultural goods. According to Nairametrics, this amounts to 7.6% of the N89.2 trillion in imports that were documented over the previous five years. Although government policies toward agriculture have changed throughout the years, […]

Bola Ahmed Tinubu
Economy

Experts urge Tinubu to encourage local production to mitigate importation

Bola Wilson Adekumola   Financial experts have called on the President-elect, Asiwaju Bola Tinubu, to adopt policies that will enhance the local production to mitigate importation into the country.   The experts made this disclosure in separate interviews with the News Agency of Nigeria on Tuesday in Lagos.   The former President of the Chartered […]

Economy featured

Imported goods stunting Nigeria’s domestic production – Presidency

Bisola David     The Special Adviser to the President on Media and Publicity, Femi Adesina has said that Nigerian consumers should adopt a different mentality and support locally made items, particularly in the agricultural sector, to increase revenue and jobs.   The Punch reported that he said this while speaking at a one-day seminar and […]

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