According to United Nations COMTRADE database on international trade, Nigeria imports from China was $13.77billion during 2022. If this is not scary, what else could?, even scarier is the fact that, Nigeria's export for only the month of December, 2023 stood at $252.5million compared to the pale figures of $89.83m China spent on imports from Nigeria in the same month, more than 50% of this amount was spent on Nigeria's petroleum gas. We often sound like a broken record when we say Nigeria is an import-dependent country but how dangerously are we killing the economy with our mindless demands for foreign goods at the detriment of the local industry. A nation grappling with forex crisis would further plunge when its people scramble for scarce FX in their excessive desires for all things import and as we speak, the scrambling is increasing on a daily. As citizens, we created the mess by ourselves, when it blew up in our faces, we then charasteristically push the blames on the government.

China has always been strategic about their export choices from Nigeria, they bring in their money and export 100% of our mineral resources, they spend to take our petroleum gas, urea, refined copper, gold, lithium, marble, gem stones, thorium ore, etc. Nigeria on the other hand spent billions of dollars to import senseless things like meat, egg, seafoods, artificial flowers, human hair, umbrellas, walking sticks, honey, carpets, clock, watches, toys, cuttleries, games, cosmetics, printed books, food spices, salt, sugar cane, toileteries, perfumer, sugar confectioneries, wheat, candles, textile fabrics, phones, phone chargers, plastics, paper, paper board, footwears, edible vegetables, starches, bulbs & lightnings, edible fruits, wood charcoal, pharmaceuticals, dying extracts, tanning, soaps, leathers, the list is endless. These are enough to kill the local production capacity and erode the value of the naira. I concur with the FG's measures to have stopped the wastages of defending the naira.

Demand are not all on same level of importance. Machinery to cultivate 500 hectares instead of 10 hectares manually is different from wine to intoxicate, artificial hair to slay, cigars to flex, inferior sugar candies.


I will like to see a breakdown of that import figure.

RepoMan007:
Demand are not all on same level of importance. Machinery to cultivate 500 hectares instead of 10 hectares manually is different from wine to intoxicate, artificial hair to slay, cigars to flex, inferior sugar candies.


I will like to see a breakdown of that import figure.

Import of machinery gulped $3.7billion only, that's 26%.

femisplash:
I concur with the FG's measures to have stopped the wastages of defending the naira.

Well that was what the 41 forex restricted items where about. Productive things were prioritized above less productive ones to drive home an important point and encourage local alternatives to survive.

What was the use of the currency swap Buhari signed with China and made so much noise about it?

Nbote:
What was the use of the currency swap Buhari signed with China and made so much noise about it?

Perhaps, pressure from Trump.

RepoMan007:

Well that was what the 41 forex restricted items where about. Productive things were prioritized above less productive ones to drive home an important point and encourage local alternatives to survive.

The restriction from official market didn't stop them getting dollars from the black market.

femisplash:

Perhaps, pressure from Trump.

Always giving excuses.

Una no dey tire?

$13billion is huge, how much are we earning from crude oil. Nigerians can sell their father's house to import junks from China. Our culture of importation is quite pathetic.

-kiss the truth!

Crimecity:


Always giving excuses.

Una no dey tire?

Where's the excuses?, it's a conjecture. Only Buhari and Emefiele can tell us exactly what happened to the deal.

TimeManager:
$13billion is huge, how much are we earning from crude oil. Nigerians can sell their father's house to import junks from China. Our culture of importation is quite pathetic.

-kiss the truth!

Oil revenue was estimated at $22billion for the year 2023. Meaning that we spent more than half the proceeds from oil on imports.

Nothing wrong with importation. Other countries import as well. The problem with Nigeria is over population with no productivity.

Country of the size it’s expected imports will affect its currency if they export raw materials and agricultural produce

It is difficult to explain but the Foreign Exchange floating is targeted mainly at the Rich looters
Who buy most luxury foreign goods and send their kids to expensive foreign Schools all with Government money


Nigeria is actually a Welfare State that provides for and pampers the Corrupt Rich
Instead of punishing them

If you take Government away these Rich looters have no other sources of income that is why they try to win Elections by all and every means

You can't just throw the blame at the people... there is a reason why there is something called govt.. the people can't coordinate themselves.. the govt is the one to.coordinate the people... What has the govt done to create an enabling environmental for local production of agric items-- is it by allowing fulani herdsmen crises? We still don't have constant power that is necessary for manufacturing!
If we have these things, local versions of basic imported items can be produced and govt can put hefty tariff on the imported versions to discourage them.

femisplash:
According to United Nations COMTRADE database on international trade, Nigeria imports from China was $13.77billion during 2022. If this is not scary, what else could?, even scarier is the fact that, Nigeria's export for only the month of December, 2023 stood at $252.5million compared to the pale figures of $89.83m China spent on imports from Nigeria in the same month, more than 50% of this amount was spent on Nigeria's petroleum gas. We often sound like a broken record when we say Nigeria is an import-dependent country but how dangerously are we killing the economy with our mindless demands for foreign goods at the detriment of the local industry. A nation grappling with forex crisis would further plunge when its people scramble for scarce FX in their excessive desires for all things import and as we speak, the scrambling is increasing on a daily. As citizens, we created the mess by ourselves, when it blew up in our faces, we then charasteristically push the blames on the government.

Oga, why do we have a government if the citizens will do everything the government is supposed to do?

Interesting

femisplash:

Oil revenue was estimated at $22billion for the year 2023. Meaning that we spent more than half the proceeds from oil on imports.

Can you imagine? Spending such a huge money to develop and create employments in another country. It's a shame.

-kiss the truth!