Nigeria, Africa’s largest market, plays a critical role in the continent’s economic landscape. Trading with other African nations benefits the continent’s economic growth, unity and development. Nigeria’s strong engagement in intra-African trade may propel the continent toward a more wealthy and united future by increasing industrialization, lowering trade barriers, strengthening regional integration, and supporting economic stability.
Nigeria’s impact on Africa cannot be stressed enough, given that it is one of the continent’s largest markets. With its immense resources, the country carries the challenge of setting the tone for African economic progress.
While Africa’s vast diversity provides for economic liberty among its markets, there is no doubt that the continent’s heavyweights have enormous influence over intra-African revenue circulation across the motherland.
Nigeria trades with almost every subregion in Africa, including Sub-Saharan Africa, and Mena countries in Africa. From the east to the south, to the north, and even with its ECOWAS allies, Nigeria is keen on taking advantage of the products available in other markets on the continent.
According to a report by the National Bureau of Statistics, in Q1 2024, Nigeria imported N31.00 billion (7.72%) of kerosine-type jet fuel, N30.45 billion (7.58%) of petroleum bitumen, N27.64 billion (6.88%) of diammonium hydrogen orthophosphate, N26.61 billion (6.62%) of other liquefied petroleum gases, and N18.30 billion (4.55%) of polypropylene from African countries.
With that said here are the African countries Nigeria imported the most goods from. This list contains data for Q1 2024, and is courtesy of the National Bureau of Statistics.
Top 5 African countries Nigeria buys the most goods from
Rank
Country
Importation value
Importation value (%)
1.
South Africa
N97.33bn
24.22%
2.
Ivory Coast
N51.41bn
12.79%
3.
Togo
N40.86bn
10.17%
4.
Egypt
N40.23bn
10.01%
5.
Morocco
N30.07bn
7.48%
Source link : https://africa.businessinsider.com/local/markets/top-5-african-countries-nigeria-buys-the-most-goods-from/59nb8h9
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Publish date : 2024-07-03 16:05:22
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