Data from the National Bureau of Statistics (NBS) has shown that the nation spent N157 billion on the importation of vehicles, aircraft parts and vessels between July and September 2017.
An analysis of the Foreign Trade Statistics for the third quarter (July-September) 2017, further showed that the figure rose by 17.7 per cent from the N133.4 billion the country spent in the same period of 2016.
In the same vein, Nigeria spent N34.55 billion on used vehicles and vehicles with diesel and semi diesel engine of cylinder capacities, while the nation spent N23.9 billion on imported motorcycles, Completely Knocked Down, CKD, by established manufacturers, Vanguard reported.
Meanwhile, NBS noted that the nation’s exports in the third quarter were still mainly driven by oil, as crude oil exports was N2.972 trillion in the third quarter and remained the major, accounting for 83.17 per cent.
According to the report, crude oil exports grew faster than non-crude oil exports as crude oil exports accounted for 78.18 per cent in the second quarter of 2017, while non-oil products only contributed to 3.54 per cent of total exports in the quarter.
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