Textiles emerged as the highest imported commodity by Nigeria despite the prevailing forex restriction for import goods by the Central Bank of Nigeria (CBN), shows latest statistics from the National Bureau of Statistics (NBS).

In 2019 the CBNimposed forex restriction on its importation, including woven fabrics and clothes to encourage local production and create jobs. However, the restrictions do not seem to be yielding positive results as the latest NBS reveals, textile materials accounted for the country’s highest imports in 2021.

The value of Nigeria’s textile imports grew by 17.32 per cent in 2020 to N19.89trillion, as per the NBS. The all-commodity group import index on average increased by 0.47 per cent. The highest increase was recorded by textile and textile articles, followed by boilers, machinery and appliances, parts thereof and wood and articles of wood, wood charcoal and articles, it adds.

The apex statistics body also showed that trade is reversing in the country as exemplified by all products’ terms of trade (TOT) index which also showed a 0.25 per cent drop.