Posted on January 23, 2024

Nigeria’s volumes of imports or exports is low considering the size of the country and its level of development.

A recent report exploded the myth that Nigeria is import-dependent by analysing the country’s import-to-GDP ratio.

A deeper analysis of Nigeria’s trade statistics shows that – not only does the country import too little – as evidenced by its low import-to-GDP ratio in comparison to peer countries, but it also exports a tiny amount, which leaves it with too little foreign exchange to comfortably afford imports.

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