Nigeria’s import of aluminium wire during 2018-20 remains unsteady, expenditure rises

The highest GDP maker of Africa, Nigeria has shown that its recovery is expected to be weak and gradual under the current policies. The real GDP growth in 2021 is expected to turn positive at 1.5% and is expected to recover to its pre-pandemic level only in 2022.

The West African nation on the Gulf of Guinea imported 1188 tonnes of aluminium wire during 2018-19 and the revenue expended for the import was $3.12 tonnes. The import for 2020 remained at 529 tonnes and the expenditure stood at $1.78 million. However, when the import volume and expenditure of 2020 get footed with the preceding two years, it denotes 1717 tonnes and $4.90 million respectively.

In 2018, Nigeria’s importation of aluminium wire was recorded at 524 tonnes and the expenditure accounted for $1.36 million, whereas, in 2019, the import reflected growth by 26.71%, as the import volume rose 664 tonnes and the expenditure also grew to $1.76 million.

The import for 2020 was marked with a drop by 20.33%, as the import volume reduced to 529 tonnes, while the expenditure escalated to $1.78 million.

Nigeria’s major trading destinations for the importation of aluminium wire are China, Ghana, India, Oman, South Africa, Spain, etc.