Imports surge 43% on naira devaluation – Businessday

The latest trade data released by the National Bureau of Statistics (NBS) shows that imports rose 43 percent
year-on-year to N2.41 trillion from N1.68 trillion recorded in the same period of 2015, while quarterly
comparison shows an increase by 6.2 percent from N1.5 trillion.

“Import value may have risen due to the naira devaluation, but I am sure in terms of volume, there has been a decline,” said Muda

Yusuf, director-general of the Lagos Chamber of Commerce and Industry’s (LCCI). “This is because the naira depreciation has made imports more expensive and it has shaved imports, while the 41 items banned from accessing dollars in the official market, coupled with the FX shortages has contributed to a decline.”

However, Nigeria’s trade deficit narrowed in the third quarter, as the value of exports from Africa’s most populous nation surged after a devaluation of the naira.

The trade deficit narrowed by 78.4 percent to N104.1 billion in the three months through September, compared with N484.2 billion in the previous three-month period, according to a report released Thursday, December 1.

“The rise in exports this quarter reduced the deficit trade balance,” the NBS said.

Exports saw a quarterly rise by 29 percent to N2.30 trillion, from N1.87 trillion in the second quar-