• Monday, April 22, 2024
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BusinessDay

Nigeria’s top 10 trading partners for import 

Nigeria Import trading partners

Nigeria heavily relies on imports to fuel its economy, with a wide range of trading partners contributing significantly in both value and share percentage. 

Nigeria’s total import value reached ₦14,108.33 billion, marking a 56.04% surge from Q4 2022 (₦9,041.24 billion) and a 163.08% increase compared to the same quarter in 2022 (₦5,362.83 billion), according to the National Bureau of Statistics in its latest “Foreign Trade Statistics” in Q4 of 2023, the significant boost was mainly driven by imports of ‘Tanks and other armored fighting vehicles, motorized, whet,’ which accounted for ₦5,061.25 billion.

According to BusinessDay analysis of the latest foreign trade data from the National Bureau of Statistics (NBS), Singapore has surpassed China as Nigeria’s top import partner for the first time in at least 16 years. Nigeria imported goods valued at N5.09 trillion from Singapore in the fourth quarter of last year, representing 36.1 percent of total imports, which amounted to N14.1 trillion.

“Manufactured goods mainly imported were ‘tanks and other armoured fighting vehicles, motorised, whet’ from Singapore valued at N5,06 trillion followed by ‘used vehicles, with diesel or semidiesel engine, of cylinder capacity >2500cc’ also imported from the US and Italy valued at N94.3 billion and N6.69 billion respectively,” the report said.

These top 10 import partners reflect the interrelationship of the global economy and the importance of fostering strong trade relations for Nigeria’s sustainable economic growth.

Here are Nigeria’s top 10 trading partners for exports

Singapore

Singapore stands out as Nigeria’s foremost import partner, accounting for an impressive 36.09% share of total imports, with a value of ₦5,092,357,776,940. 

China

China holds the second position among Nigeria’s import partners, commanding 14.61% of total imports, valued at ₦2,060,589,998,794. 

Belgium

Belgium emerges as a significant trading partner for Nigeria, contributing 8.09% to its total imports, with a value of ₦1,140,969,991,407. 

India

India holds the fourth position among Nigeria’s import partners, with a share of 6.44% of total imports, valued at ₦908,592,447,729. 

United States

The United States maintains a significant presence in Nigeria’s import landscape, accounting for 3.64% of total imports, with a value of ₦512,989,255,430. 

Netherlands

The Netherlands holds the sixth position among Nigeria’s import partners, contributing 3.42% to its total imports, valued at ₦482,291,737,055. 

Korea, South

South Korea emerges as a significant import partner for Nigeria, commanding 2.16% of total imports, with a value of ₦304,619,077,676. 

Malta

Malta plays a notable role in Nigeria’s import landscape, contributing 2.07% to its total imports, valued at ₦291,979,905,312. 

Brazil

Brazil ranks ninth among Nigeria’s import partners, accounting for 2.00% of total imports, with a value of ₦282,262,644,679. 

Italy

Italy rounds up the list of Nigeria’s top 10 import partners, commanding a share of 1.70% of total imports, valued at ₦239,669,900,435.