In the second quarter of 2024, Nigeria spent a staggering ₦12.47 trillion on imports, representing 39.11% of the nation’s total change for the length, according to essentially the most modern characterize from the National Bureau of Statistics (NBS).
The characterize highlighted the West African nation’s intensive change relationships across the globe, with Asia leading as Nigeria’s prime trading companion.
Nigeria’s imports from Asia during this period totaled ₦5.58 trillion, accounting for 44.74% of all imports, underscoring the region’s dominance in the nation’s change portfolio.
Europe adopted closely, with ₦4.93 trillion price of goods imported, representing 39.56% of the whole. Imports from the Americas stood at ₦1.34 trillion (10.72%), while Africa contributed ₦555.forty eight billion (4.45%) to the import volume.
The Economic Neighborhood of West African States (ECOWAS) accounted for right ₦166.37 billion (1.33%), and Oceania rounded off the listing with ₦66.14 billion (0.53%).
The characterize additionally eminent that the finish 5 countries Nigeria imported from contributed a huge 59.18% of the nation’s total import expenditure, reflecting a excessive concentration of change with a couple of key partners.
In total, Nigeria’s change for the second quarter of 2024 amounted to ₦31.89 trillion, marking a 3.76% lower from the outdated quarter however a main 150.39% increase in comparison with the same length in 2023.
This surge highlights the increasing scale of Nigeria’s change activities year-on-year, despite the quarter-on-quarter dip.
- China – ₦3.03 trillion (24.29%)
- Belgium – ₦1.seventy nine trillion (14.35%)
- India – ₦1.06 trillion (8.49%)
- United States of The united states – ₦917.84 billion (7.36%)
- Netherlands – ₦585.30 billion (4.69%)
China led the model as Nigeria’s largest import companion, with goods price over ₦3 trillion entering the nation during the quarter.
Belgium and India adopted, contributing main amounts to Nigeria’s growing import invoice. The united states and the Netherlands finished the finish 5, additional emphasizing Nigeria’s strong change ties with both Western and Asian economies.
The records from the second quarter of 2024 paints a characterize of Nigeria’s heavy reliance on imports, namely from Asia and Europe, because the nation continues to bear interaction in excessive stages of international change.
