Nigeria spent $119.409 billion on importation of items into the country in five years, according to the Central Bank of Nigeria.
Director of Research in CBN Ganiyu Amao revealed this while testifying before the House of Representatives Ad-hoc Committee on Refineries Turn Around Maintenance.
According to Amao, $36.371 billion was spent on importation of petroleum products from 2013 to 2017.
“Data from the CBN show that from 2013 to 2017, a total of foreign exchange committed to imports in the country stood at $119.409billion, while the total foreign exchange committed to imports in the oil sector stood at $36.371billion, representing 13.5percent of all imports made by the country,” the director said.
“It greatly exerts serious pressure on our external reserve and depreciates the value of our local currency.”
In addition, he said domestic consumption moved from 4.5 million metric tons to 23.9million metric tons in 2013 which later dropped to 2.6m metric tons in 2016.