Nigerians' taste for foreign goods has been the bane of the economy. Many prefer goods and services made abroad to locally produced goods even when such goods are of lower quality. This has had a serious effect on the nation's reserve. The continued depletion of the external reserves of the nation and the ever growing army of unemployed youths is as a result of this trend that has bedeviled our economy.
Available data show that the trend of high importation of goods and service out- stripping export has continued despite efforts by government at transforming the economy. Latest data from the National Bureau of Statistics in the first three months of this year has painted another gloomy picture of Nigerians appetite for foreign products. National Bureau of Statistics figure indicate that Nigeria's external merchandise trade totalled N5, 098.9 billion in the first quarter of 2013, a decrease of N2, 086.9 billion or 29 per cent from the N7,185.8 billion recorded in the previous quarter.
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