Nigeria recorded a positive trade balance for the sixth straight quarter in Q1 2024, data from the National Bureau of Statistics shows. Despite this, Nigeria imported two times more in the first quarter of 2024, than in the first quarter of 2023.
The total import value stood at N12,643.23 billion, representing a 39.65 percent increase from N9,053.78 billion recorded in the fourth quarter of 2024, the recent NBS report stated, and a 94 percent increase from the first quarter of 2023.
The significant boost was mainly driven by imports of agricultural products which accounted for N920.54 billion, reflecting a 29.45 percent increase compared to N711.14 billion in the fourth quarter of 2023.
Read also: Nigeria’s food import hits 5-year high
“Some of the most traded commodities were Motor spirit ordinary, Gas oil, Durum wheat (Not in seeds), Cane sugar meant for sugar refinery, and Other Liquefied petroleum gases and other gaseous hydrocarbons,” the report said.
According to the report, China ranked as Nigeria’s top trading partner on the side of imports, in the first quarter of 2024.
Here are the top 5 trading partners on the side of imports.
China
In the first quarter of 2024, China, which ranked highest among Nigeria’s top trading partners on the import side, had 23.18 percent of total imports, according to the NBS.
“Analysis by trading partners reveals that imports originated mainly from China and were valued at N2,930.10 billion, representing 23.18 percent of total imports,” the report said.
Manufactured goods mainly imported were ‘Machines for reception, conversion and transmission of voice, images or data’ from China valued at N95.34 billion.
India
India had the second-largest percentage of Nigeria’s import value in the first quarter of 2024. Imports from India were valued at N1,070.23 billion, making 8.46 percent of total imports.
“Goods imported from India were motorcycles and cycles fitted with an auxiliary motor, petrol fuel, capacity, CKD, with N73.59 billion,” the report said.
Read also: Do African countries import what is dominantly exported by others?
United States of America
The United States of America is next after India, with 7.98 percent of the import share.
Total imports from the United States of America were valued at N1,009.22 billion or 7.98 percent.
“Nigeria imported machines for reception, conversion and transmission of voice, images or data from the United States valued at N34.00 billion. This was followed by Heat exchange units imported from the United States valued at N91.29 billion,” the report said.
Belgium
Total imports from Belgium were valued at N955.97 billion, making 7.56 percent of Nigeria’s total imports.
The Netherlands
Total imports from the Netherlands were valued at N591.55 billion or 4.68 percent of total imports into the country.
Goods imported from the Netherlands include Blue whitings, meat, and frozen food, valued at N16.67 billion.
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