A review of the Medium Term Expenditure Framework (MTEF) by the President Bola Tinubu-led government has shown that Nigeria has projected importation of goods to rise to N66.8 trillion in 2025.
This is N34.4 trillion more than the N32.4trillion that was projected for 2024.
The government blamed the depreciation in the value of naira for the projected increase in the value of importation expected into the country.
“Import of goods is projected to increase to N66.90 trillion in 2025 because of currency depreciation but is expected to slightly decline to N65.67 trillion and 65.70 trillion in 2026 and 2027, respectively, as the depreciation effect would have waned.”
“A reduction in inflation rate is anticipated in 2026 and 2027 due to the lag effect of tight monetary policy on demand for goods and services, expected lower deficit financing and reduction in supply-side constraints” the statement from the MTEF read.
The development also comes amid claims of the government that it plans to ensure that Nigerians rely on local production reducing reliance on importation.
Nigeria has heavily been an import dependent country, an issue that substantive administrations at different times had promised to address.
In the third quarter of 2024 alone, Nigeria recorded importation value worth N14.6trillion.
There have been concerns on business sustainability across the country blamed on economic policies of the Tinubu-led administration.
Petroleum is a major product imported into Nigeria. The country also imports wheat, gas, oil, used vehicles among others.
