Nigeria’s
rising import dependency was again showcased in the 2014 second quarter (Q2)
imports which rose to about N1.98 trillion, some N431.8 billion or 27.9 percent
above first quarter (Q1) level, according to National Bureau of Statistics
(NBS) figures released on Monday.
The
N1.98 trillion is equally above N1.598.2 trillion recorded in the corresponding
quarter of last year by N379 billion or 23.7 percent.
Huge
imports by the oil-rich nation including refined crude continue to put pressure
on the naira and foreign reserves as the Central Bank of Nigeria (CBN)
struggles to meet up with forex demands, particularly in the face of dwindling
oil income.
The
NBS said in its latest trade reports that
