RateCaptain
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us
No Result
View All Result
Subscribe
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us
No Result
View All Result
RateCaptain
No Result
View All Result
Home Commodities

Nigeria’s Total Import Bill Doubles 107%

Rate Captain by Rate Captain
January 19, 2022
in Commodities, Economics, News
Reading Time: 1 min read
A A
0
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

AlsoRead

IMF- Global Economy growth is expected to be slow in 2023

Breaking News: All flights cancelled as aviation handling company strikes indefinitely.

Breaking: Nigeria’s Inflation surprisingly plunged to 21.34% in December 2022

The total import bill in the Nigerian economy grew by 107%, doubling its figures from 2020. In 2021 import bill was valued at  $8.92 billion compared to its previous figure in 2020 $4.29 billion.

 Chief Consultant and Economist of B. Adedipe Associates Limited disclosed this during an event organized by Chartered Institute of Bankers of Nigeria, where he presented a  report titled “National economic outlook: Implications for businesses’

 Import bill is the total amount of imports made by a country. This includes both physical imports of goods and imports of services.

Adedipe stated that Monthly import bill of N3.66bn (or $8.92bn) in Q1-Q3 2021 more than doubled $4.29bn in 2020. According to him the Nigerian economy still remains an investment destination, but security concerns continues to hamper foreign direct investment.

He explained that the economy is looking positive with several top organizations predicting positive outlooks, National Bureau of Statistics projected 4.2 per cent, BAA projected 3.23 per cent economic growth for 2022.

“Inflation rate is expected to moderate, but still double-digit (removal of oil and electricity subsidies); lending rate will remain double-digit. Continuing pressure (relentless imports and shrinking capacity to pay foreign bills) will likely force the CBN to further devalue the naira,” .

He added that there would be “improvement in infrastructure that will impact positively the cost of doing business and improve government revenue in the near term; and intensified digitalisation and ascendancy of the digital economy”.

Previous Post

Federal Government Ordered to pay Nnamdi Kanu N1b- High Court in Abia State

Next Post

Manufacturing and Financial Sector Catalyzed Nigeria’s Capital Outflow

Related News

IMF- Global Economy growth is expected to be slow in 2023

IMF- Global Economy growth is expected to be slow in 2023

by Rate Captain
February 1, 2023
0

The International Monetary Fund on Monday 31 January 2023 published its latest economic growth projections for 2023 and 2024 in...

Breaking News: All flights cancelled as aviation handling company strikes indefinitely.

Breaking News: All flights cancelled as aviation handling company strikes indefinitely.

by Rate Captain
January 23, 2023
0

The staff of the Nigerian Aviation Handling Company Plc (NAHCO) embarked on an indefinite strike action, which led to the...

Nigeria’s Inflation Climbs to 19.6% in July 2022

Breaking: Nigeria’s Inflation surprisingly plunged to 21.34% in December 2022

by Rate Captain
January 16, 2023
0

The Nigeria inflation rate in December 2022 eased to 21.34% compared to November 2022 headline inflation rate which was 21.47%....

Ghana’s Inflation Rate Surges 33.9%, the highest in 21 Years

Inflation Will Defy CBN’s Monetary Policy Efforts, To Hit 21.6% – Cape

by Rate Captain
January 13, 2023
0

Cape Economic Research and Consulting has predicted a surge in Nigeria’s inflation amidst the Central Bank of Nigeria’s Monetary tightening...

Next Post

Manufacturing and Financial Sector Catalyzed Nigeria’s Capital Outflow

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Airtel Africa’s nine-month turnover hits $3.9billion.

Airtel Africa’s nine-month turnover hits $3.9billion.

February 3, 2023
Charges on cash transactions skyrocketed by POS agents.

Charges on cash transactions skyrocketed by POS agents.

February 3, 2023

Popular Story

  • CBN reduces over-the-counter withdrawals to N100k, N500k per week for individuals, companies

    CBN Directs Banks to Start Paying New Naira Notes Over the Counter.

    0 shares
    Share 0 Tweet 0
  • MTN Nigeria Annual profit hits N361.5 billion.

    0 shares
    Share 0 Tweet 0
  • Shell’s annual profit hits $39.9 billion.

    0 shares
    Share 0 Tweet 0
  • Naira depreciates to N749/$ in the parallel market.

    0 shares
    Share 0 Tweet 0
  • Charges on cash transactions skyrocketed by POS agents.

    0 shares
    Share 0 Tweet 0
RateCaptain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

?>