In 2020, Nigeria’s imports were over ₦7 trillion more than its exports. To put that in context, in 2012, Nigeria’s exports exceeded its imports by ₦16 trillion. In fact, Nigeria is known for running current account surpluses (where exports are higher than imports)—that is one of the few benefits of being an oil-exporting nation.
Even with Nigeria’s supposed import fetish, it is
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Michael Famoroti
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