Home Business Nigeria’s import bill hit $50.3bn in one year

Nigeria’s import bill hit $50.3bn in one year

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The International Trade Centre (ITC) has stated that Nigeria’s import bill hit $50.3 billion in 2020.

A breakdown of import activities by ITC reveals that the country’s import bill stood at $4,417,805,000 in January, $3,685,091,000 in February; $4,165,950,000 in March; $2,954,555,000 in April; $3,493,388,000 in May; $4,368,600,000 in June and $4,719,912,000 in July.

Total imports stood $4,882,743,000 in August, $4,580,307,000 in September; $4,678,286,000 in October; $6,345,452,000 in November and $4,672,057,000 in December.

Among the items imported into the country are; machinery, mechanical appliances, nuclear reactors, boilers and parts; vehicles other than railway or tramway rolling stock, and parts and accessories.

Others are electrical machinery and equipment and parts; sound recorders and reproducers, television; plastics and articles; pharmaceutical products; cereals; mineral fuels, mineral oils and products of their distillation; fish and crustaceans.

Also imported are molluscs and other aquatic invertebrates; optical, photographic, cinematographic, measuring, checking, precision, medical or surgical and sugars and sugar confectionery.

The list also includes miscellaneous chemical products; organic chemicals; ships, boats and floating structures; iron and steel; fertilisers; dairy produce; birds’ eggs; natural honey; edible products of animal origin; preparations of cereals, flour, starch or milk; pastry cooks’ products.

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