Minister of Trade and Investment, Olusegun Aganga, has informed that government’s refusal to issue any import licence for cement in 2012 had saved the nation about N300 billion.
Similarly, the Federal Government has also saved about N4.2 trillion from decrease in Nigeria’s imports since 2005. Aganga disclosed this in Abuja, after a meeting recently.
Aganga, who said the meeting, was about Onigbola Cement Factory, a joint venture between Nigeria and Benin Republic, said the savings had helped increase the nation’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 N9.5 trillion or thereabout to about N5.3 trillion. What that means is that we’ve saved about N4.2 trillion that has gone to increase our external reserve. So, when you see reserve building up, that is one of the reasons,” he said.