Nigeria’s latest trade data has identified the top five countries where the nation spent the most on imports. The report highlights Nigeria’s key trading partners and the composition of imports that shape the country’s economic landscape.
In the third quarter of 2024, the total value of Nigeria’s imports stood at ₦14,674.05 billion, marking a 62.30% increase from the corresponding quarter in 2023. The report states, “The value of total imports stood at ₦14,674.05 billion in the third quarter of 2024, representing a rise of 62.30% from the value recorded in the corresponding quarter of 2023 (₦9,041.24 billion) and increased by 8.71% compared with the value recorded in Q2, 2024 (₦13,497.90 billion).”
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Nigeria’s total goods trade in Q3 2024 was valued at ₦35,160.44 billion, reflecting a 13.26% increase from the previous quarter. Exports accounted for 58.27% of total trade, amounting to ₦20,486.39 billion. Imports represented 41.73% of overall trade, with a total value of ₦14,674.05 billion.
The report states, “During the third quarter of 2024, total imports were valued at ₦14,674.05 billion accounting for 41.73% of total trade. Using the Standard International Trade Classification, the top-ranked group import was ‘mineral fuels’ with ₦5,140.10 billion representing 35.03% of total imports.”
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According to the National Bureau of Statistics’ report, here are the top 5 countries Nigeria spent the most on imports
China
China with an import value of N3,574.79 billion, accounted for 24.36% of Nigeria’s total imports. The data shows the strong trade relationship between both countries, with China supplying a wide range of goods, including machinery, electronics, and manufactured products.
India
India ranked second on the list, with Nigeria spending N1,662.68 billion on imports from the country. This made up 11.33% of total imports. India’s trade with Nigeria largely involves pharmaceutical products, vehicles, and industrial equipment, reflecting the economic ties between the two nations.
Read also: Top 10 African countries with largest crude oil import
Belgium
Belgium is the third-largest import source, contributing N1,632.89 billion worth of goods. This represented 11.13% of Nigeria’s total imports. Belgium is a key supplier of industrial machinery, chemicals, and other essential goods to Nigeria’s economy.
United States
The United States ranked fourth, with Nigeria’s import value from the country standing at N1,024.44 billion. This accounted for 6.98% of total imports. The trade relationship between Nigeria and the United States covers multiple sectors, including automobiles, medical equipment, and agricultural products.
Read also: Top mineral resources by African country – EIU
Malta
Malta was the fifth-largest source of imports for Nigeria, with an import value of N766.81 billion. This represented 5.23% of total imports. The trade connection with Malta includes petroleum products and industrial goods.
Chisom Michael is a data analyst (audience engagement) and writer at BusinessDay, with diverse experience in the media industry. He holds a BSc in Industrial Physics from Imo State University and an MEng in Computer Science and Technology from Liaoning Univerisity of Technology China. He specialises in listicle writing, profiles and leveraging his skills in audience engagement analysis and data-driven insights to create compelling content that resonates with readers.
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