Nigeria: Effect of Importation business on the economy

Importation business is a very lucrative venture which involves the influx of different products from several countries for the betterment of the destination country by different organizations and individuals for profits and uplifting of the country.

Cultures and goods are imported from different parts of the world to Nigeria as it is the most populous black nation in the world making her a desirable point of call for foreign organizations to extend their tentacles into Africa to increase their market share.

Nigeria in the last decade has experienced an influx of varying products making the economy robust with diverse choices for consumers to choose from thereby increasing the gross domestic product of Nigeria.

Some categories of the Nigerian populace feel that the acceptance of locally produced by the consumers has been slow as their competitors in the imported products class are said to be perceived to have better quality.

Though, Nigerian regulatory bodies like the Standard Organization of Nigeria, SON, and the National Agency for Food and Drugs Administration, NAFDAC, are at the helms of affairs managing both locally produced and imported products in Nigeria to ensure that quality is maintained at all levels.

Importation businesses have faced a few bans on several categories of products in food, health, drinks by the federal government of Nigeria thereby offering opportunities for locally producing companies to gain more market share from the sale of their products.

Though, the Covid19 pandemic posed a great threat to the importation business in Nigeria as the movement was somewhat restricted across the nation.

One could say importation has made the Nigerian economy have access to varying benefits from the economies of other countries.