The demand for industrially processed food has also seen a similar hike, with 2021 half-year import standing at N541 billion, contributing 3.57% to the total imports.
The import expense surpassed the N393 billion spent in 2019. Meanwhile, Nigeria imported N767 billion worth of industrially processed food in 2020 while 2021 is still poised to maintain this upward trend.
Nigeria exported total products worth N7.99 trillion during the review period, while importing total merchandise worth N13.8 trillion, resulting in a trade balance of -N5.81 trillion between January and June 2021.
This follows prior periods of recurring trade deficits of N2.25 trillion in H1 2020 and N5.12 trillion in H2 2020. However, this is by far Nigeria’s largest trade deficit in any half-year period
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