The RT200 policy recently launched by the Central Bank of Nigeria (CBN) to incentivise export earnings has started to yield dividends.
The yield has resulted in the increase of Nigeria’s export by 137.88 per cent in the first three months of 2022 to N7.1 trillion compared with N2.98 trillion recorded in the first quarter of 2021.
According to trade statistics released by the National Bureau of Statistics (NBS), Nigeria’s total imports at the end of the first quarter of 2022 stood at N5.9 trillion compared to N5.94 trillion recorded in the last quarter of 2021.
There was however a 21.04 per cent rise in imports when compared to N4.87 trillion that was recorded in the first quarter of 2021.
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