The largest economy in Africa, Nigeria, is still mostly dependent on imports to satisfy the needs of its expanding population. This reliance on imports affects many industries, from luxury goods and technology to necessities like food and medicine. Nigeria’s import portfolio is varied and includes agricultural items, industrial machinery, medicines, vehicles, and consumer electronics.
In Q1, 2024, Nigeria’s overall goods trade was valued at ₦31,810.59 billion. This is a 46.27% rise over the value from the previous quarter and a 145.58% increase over the value from a similar time in 2023. This is according to a report by the National Bureau of Statistics.
Additionally in Q1 2024, imports reached ₦12,643.23 billion, or 39.75% of total trade. The value increased by 39.65% from ₦9,053.78 billion in Q4 2023 and 95.53% from ₦6,466.10 billion in Q1 2023.
The report also revealed that Nigeria bought items from Asia worth ₦5,957.99 billion, accounting for 47.12% of total imports. In the first quarter of 2024, imports from Europe (₦4,669.86 billion or 36.94%), America (₦1,554.69 billion or 12.30%), Africa (₦401.83 billion or 3.18%), and Oceania (₦58.86 billion or 0.47%) were the next highest. Imports from ECOWAS nations accounted for ₦113.04 billion, or 0.89% of total imports.
With that said, here are the top 5 goods Nigeria imported the most in Q1 2024
Top 5 products Nigeria imported the most in Q1 2024
Rank
Product
Import value
% Import value
1.
Motor spirit ordinary
N2,634.55 billion
20.84%
2.
Gas oil
N1,195.57 billion
9.46%
3.
Durum wheat
N519.75 billion
4.11%
4.
Cane sugar
N235.85 billion
1.87%
5.
Other liquified petroleum gases and other gaseous hydrocarbons
N194.68 billion
1.54%
Source link : https://africa.businessinsider.com/local/markets/top-5-products-nigeria-imported-the-most-in-q1-2024/jte2b5f
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Publish date : 2024-06-20 15:30:17
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