Between 2016 and 2021 Nigeria’s import bill rose from $21bn (N8.73tn) to of $50bn (N20.84tn), according to the Central Bank of Nigeria and the National Bureau of Statistics data.
This implies that within the five-year period, imports into the country rose by N12.11tn or 129.10 per cent. The CBN data show that the nation’s imports have been rapidly increasing since 1980…
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