Manufacturers have spent at least N7.9tn to import raw materials in the past three years, according to findings by The PUNCH. A breakdown of the data showed that in the second quarter of 2020, manufacturers imported raw materials worth N570.6bn. Further breakdown of the data showed that in 2021, raw materials imports by manufacturers was N2.9tn. It slowed to N2.4tn in 2022, while N555.4bn worth of raw materials was imported in the first quarter of 2023. In some areas, we cannot do backward integration because we do not have the raw materials or the technology to do it.

Source: Punch August 23, 2023 16:39 UTC