Nigeria has recorded a total of fifteen point sixty nine trillion naira trade deficit in manufactured goods in the last three years.
The National Bureau of Statistics, NBS Data shows that Nigeria depends heavily on imports to meet local demand for manufactured goods.
From 2016 to 2018, Nigeria spent sixteen point seven five trillion naira to import manufactured goods, being ten point twenty nine trillion naira higher than the six point forty six trillion naira budgeted for capital projects for the three-year period.
Nigeria budgeted one point fifty nine trillion naira for capital expenditure in 2016, two trillion naira in 2017 and two point eighty seven trillion naira in 2018.
The Minister of Trade and Investment Okechukwu Enelamah said Nigeria is making effort to deepen industrialisation, reduce imports and increase exports. He added that the ministry had aggressively being implementing the Nigeria Industrial Revolution Plan and that the establishment of the Nigeria Industrial Policy and Competitiveness Advisory Council was yielding results.