A newly published report ‘Africa Pulse’ by the World Bank said the trend since 2019, has been downwards recording a significant decline to ₦960.7bn attributed to COVID-19 in 2020, while a minor recovery was recorded in 2021 at ₦1.15trn. However, in 2022 a huge drop to ₦781.1bn was recorded and another significant drop to ₦778.4bn was recorded in 2023.
The apex bank specifically blamed the country’s dwindling foreign trade on poor infrastructure and inefficient logistics, among other factors.
According to the report, the cost of trade in Nigeria and Ethiopia is four to five times higher than what is obtained in the United States due to insecurity, higher transportation costs, topography and poor road infrastructure.
Nigeria’s Manufacturing Export Plunges By 166% To ₦778bn- World Bank
Nigeria’s revenue from the manufacturing export sector has plunged by 166 per cent to ₦778.4bn from the ₦2trn height reached in 2019.
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