Nigeria government outlines savings from reduced imports

The decision by the Nigerian government to not issue cement import licences in 2012 and focus on meeting domestic needs internally has saved the country approximately NGN300bn (US$1.9bn), Olusegun Aganga, Minister of Trade and Investment has said.

Similarly, the government has also saved about NGN4.2trn from reducing imports since 2005, he added.

Aganga noted that savings have also helped increase the country’s external reserve. "If you look at the trade numbers, import fell by 43 per cent. That is a dramatic fall compared to previous years since 2005. Import came down from about NGN9.5trn or thereabout to about NGN5.3trn. What that means is that we've saved about NGN4.2trn that has gone to increase our external reserve," This Day quoted him as saying.