Nigeria’s imports have surged to a record high of N12.64 trillion in the first quarter of 2024, representing a 39.65% increase from the previous quarter and a 95.53% rise from the same period last year. The latest Foreign Trade Statistics released by the National Bureau of Statistics (NBS) reveal that fuel and food items led the import charge, with manufacturers and citizens spending heavily on raw materials and agricultural goods respectively.
The NBS report shows that manufacturers imported raw materials worth N1.5 trillion, while citizens spent N920.54 billion on agricultural goods. The total value of imports accounted for 39.75% of total trade in Q1 2024, with China emerging as Nigeria’s primary import partner, followed by India, the United States, Belgium, and the Netherlands.
Nigeria’s Imports: Fuel and Food Imports Drive Growth
Fuel and food imports were the main drivers of the surge in imports, with the value of agricultural imports rising by 29.45% to N920.54 billion in Q1 2024. Manufacturers’ imports of raw materials also increased by 51.78% to N1.47 trillion during the same period. The growth in imports is a reflection of the country’s reliance on foreign goods to meet domestic demand.
The importation of fuel and food items is expected to continue to drive growth in the coming quarters, as the country’s population continues to grow and demand for these essential items increases. The government’s efforts to diversify the economy and promote local production are ongoing, but it may take some time for the impact to be felt.
China Emerges as Nigeria’s Primary Import Partner
China has emerged as Nigeria’s primary import partner, accounting for 23.18% of total imports in Q1 2024. India, the United States, Belgium, and the Netherlands followed closely, with each country accounting for significant shares of Nigeria’s imports. The growth in imports from these countries is a reflection of the country’s increasing reliance on foreign goods.
The NBS report shows that the value of imports from China rose by 35.42% to N2.93 trillion in Q1 2024, while imports from India increased by 27.19% to N1.06 trillion. The value of imports from the United States, Belgium, and the Netherlands also rose significantly during the same period.
Nigeria’s Imports: Nigeria Manufacturers Spend Heavily on Raw Materials
Manufacturers in Nigeria spent a substantial N1.5 trillion on importing raw materials in Q1 2024, representing a 51.78% increase from the previous quarter. The growth in imports of raw materials is a reflection of the country’s reliance on foreign inputs to meet domestic demand.
The NBS report shows that the value of imports of raw materials rose by 164.18% to N1.47 trillion in Q1 2024, with the largest shares coming from China, India, and the United States. The growth in imports of raw materials is expected to continue, as manufacturers seek to meet growing demand for their products.
Citizens Spend N920.54 Billion on Agricultural Goods
Citizens in Nigeria spent N920.54 billion on importing agricultural goods in Q1 2024, representing a 29.45% increase from the previous quarter. The growth in imports of agricultural goods is a reflection of the country’s reliance on foreign food items to meet domestic demand.
The NBS report shows that the value of imports of agricultural goods rose by 95.28% to N920.54 billion in Q1 2024, with the largest shares coming from China, India, and the United States. The growth in imports of agricultural goods is expected to continue, as the country’s population continues to grow and demand for food items increases.
Nigeria’s Imports: Trade Balance Stands at N6.5 Trillion
The merchandise trade balance for Q1 2024 stood at N6.5 trillion, representing a significant increase from the previous quarter. The growth in trade balance is a reflection of the country’s increasing reliance on foreign goods to meet domestic demand.
The NBS report shows that the trade balance rose by 95.53% to N6.5 trillion in Q1 2024, with the largest shares coming from China, India, and the United States. The growth in trade balance is expected to continue, as the country’s population continues to grow and demand for foreign goods increases.
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