It added that, exports in real terms increased due to exports being delayed to take advantage of the lower exchange rate. In a statement released yesterday in Abuja, the NBS noted that the value of imports increased relatively to the previous quarter by 14.7 per cent and the third quarter of 2015 by 32.4 per cent respectively.
It also said that the increase recorded was partly due to the exchange rate movements, as both the official and parallel markets depreciated during the period.
The bureau cautioned that in the long run, it may lead to substitution towards local products which consumes time and increases the value of import only at the short run, adding that the volume of imports declined year on year by 14.1per cent, and by 21.1 per cent quarter on quarter.
