{"id":26002,"date":"2024-04-05T07:02:44","date_gmt":"2024-04-05T07:02:44","guid":{"rendered":"https:\/\/abujacityjournal.com\/livenews\/?p=26002"},"modified":"2024-04-05T07:02:44","modified_gmt":"2024-04-05T07:02:44","slug":"nbs-report-naira-devaluation-spurs-record-raw-material-imports-to-n3tn","status":"publish","type":"post","link":"https:\/\/abujacityjournal.com\/livenews\/2024\/04\/05\/nbs-report-naira-devaluation-spurs-record-raw-material-imports-to-n3tn\/","title":{"rendered":"NBS Report: Naira Devaluation Spurs Record Raw Material Imports to N3tn"},"content":{"rendered":"
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Imports of raw materials surged by 25% to N3 trillion in 2023, as per data from the National Bureau of Statistics (NBS), attributed to the weakening value of the naira.<\/p>\n

The imported raw materials during this period included cane sugar, lubricating oils, milk preparations, odoriferous substances, and veneering sheets, among others.<\/p>\n

In contrast, Nigeria’s exports of raw materials amounted to only N1.8 trillion between 2022 and 2023, resulting in a trade deficit of N3.6 trillion.<\/p>\n

Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise, attributed the surge in raw material imports to the depreciation of the naira, emphasizing the impact of currency devaluation on import costs.<\/p>\n

Manufacturers have long criticized the over-reliance on imported raw materials, citing its detrimental effect on the domestic manufacturing sector’s competitiveness and resilience.<\/p>\n

Former MAN President, Mansur Ahmed, highlighted the urgent need for measures like backward integration and import substitution to mitigate the adverse effects of excessive import reliance.<\/p>\n

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Advocating for public-private partnerships, the Manufacturers Association of Nigeria (MAN) aims to incentivize local production, backward integration, and research and development to diminish reliance on imported materials.<\/p>\n

Expressing apprehensions regarding the recent Monetary Policy Rate hike by the CBN, MAN fears its potential to curtail access to credit and impede initiatives for backward integration and local sourcing.<\/p>\n

MAN urges for additional incentives to bolster local production and lessen dependence on imports, underscoring the significance of cultivating a favorable environment for industrial expansion.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Imports of raw materials surged by 25% to N3 trillion in 2023, as per data from the National Bureau of Statistics (NBS), attributed to the weakening value of the naira. The imported raw materials during this period included cane sugar, lubricating oils, milk preparations, odoriferous substances, and veneering sheets, among others. In contrast, Nigeria’s exports […]<\/p>\n","protected":false},"author":13,"featured_media":26004,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[172],"tags":[59],"class_list":["post-26002","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-featured"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/26002","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=26002"}],"version-history":[{"count":1,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/26002\/revisions"}],"predecessor-version":[{"id":26005,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/26002\/revisions\/26005"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/26004"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=26002"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=26002"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=26002"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}