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Nigeria slumbers as China’s imported goods hit N1.26trn

…Spain tops in exported goods to Nigeria

With the growing concern over the new fuel hike recently introduced by the Federal Government, over N1.26 trillion or 31.41 per cent in terms of goods are imported into Nigeria from China alone, Saturday Telegraph investigations has shown. This is emerging as the increasing menace of the dumping of products from Asian countries, especially China, into the Nigerian market is seriously and gradually undermining the competitiveness of the nation’s already distressed manufacturing sector.

It was further gathered that products from China are heavily subsidised for export which makes it possible for them to be sold at much cheaper prices in Nigeria than similar products that are manufactured locally.

But this figure, according to investigations, especially at the National Bureau of Statistics (NBS), showed that most goods imported into Nigeria from China totalled N1.26 trillion or 31.41 per cent.

Even with the NBS latest report on ‘Foreign Trade in Goods Statistics’ for the second quarter of 2020, it was gathered that Spain also topped the list of exported goods to Nigeria, despite the declining fortune in the Foreign Direct Investment (FDI) of the nation.

With the coronavirus (COVID-19) pandemic and the second wave of the pandemic already generating concerns globally, Saturday Telegraph gathered that: “Nigeria’s imports, by country of origin, shows goods were imported mainly from China (N1.26 trillion or 31.41 per cent), United States (N428.9bn or 10.66 per cent), India (N322.3billion or 8.01 per cent), and the Netherlands (N202.9bn or 5.04 per cent) respectively.

“The value of exports in the second quarter of 2020 stood at N2.22 trillion, a decrease of 45.64 per cent compared to the first quarter of 2020 and 51.73 per cent compared to the second quarter of 2019.

“The year to date export amounted to N6.3trillion, representing a 31 per cent decline compared to 2019. “Exports by section revealed that mineral products accounted for the largest portion of exports, amounting to N1.87tn or 84.35 per cent, mainly due to the crude oil component.” However, analysis of exports by region, revealed that Nigeria exported most products to Europe (N976.5billion or 44 per cent), followed by Asia (N734.1billion or 33.08 per cent), Africa (N401.4 billion or 18.1 per cent), America (N105.8billion or 4.8 per cent) and Oceania (N1.7 billion or 0.08 per cent). It was also learnt that within Africa, goods worth N149.3billion were exported to ECOWAS member states.

All regions recorded declines in the value of exported goods during the quarter, although China and Japan each recorded increased export activity. The NBS stated: “Exports by country of destination showed that Nigeria exported goods to Spain valued at (N310.8billion or 14 per cent), Netherlands (N243.7billion or 10.98 per cent), China (N220.4bn or 9.9 per cent), India (N195.6billion or 8.8 per cent) and South Africa (N172.2 or 7.7 per cent). During the quarter, total trade in agricultural goods stood at N493.7billion, of which exported agricultural goods accounted for N78.1billion.

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