When accounted for in its local currency, Nigeria is reported to have recorded significant growth in its trade with the rest of the world. A recent report revealed that Nigeria spent more on the importation of goods in Q1 of 2024 when compared to the last quarter of 2023. The report also revealed that Nigeria spent more in Q1, 2023, compared to the same period the year prior.
Nigeria imports a significant amount of goods from external trade partners, despite its vast resources. This covers consumer products, specialist equipment, machinery, and technology.
According to the Foreign Trade in Goods Statistics report by the National Bureau of Statistics, total imports into Nigeria reached ₦12,643.23 billion in Q1 2024, up 39.65% from Q4 2023 (₦9,053.78 billion) and 95.53% from the same quarter the previous year. The figure recorded in the same quarter of 2023 was ₦6,466.10 billion.
“The value of agricultural goods imported in Q1 2024 was ₦920.54 billion, reflecting an increase of 29.45% when compared to ₦711.14 billion in Q4 2023, and a 95.28% rise compared to ₦471.39 billion in Q1 2023. In Q1 2024, raw material imports were valued at ₦1,467.41 billion. This represents a 51.78% increase from ₦966.80 billion in Q4 2023 and a significant rise of 164.18% from ₦555.47 billion in Q1 2023,” the report reads.
“In the first quarter of 2024, solid mineral imports were valued at ₦71.38 billion. This represents a 21.15% increase from ₦58.92 billion in Q4 2023 and a 59.23% increase from ₦44.83 billion in Q1 2023. In the reviewed quarter, the value of imported manufactured goods was ₦5,738.32 billion, reflecting a 44.47% increase from ₦3,971.91 billion in Q4 2023 and a 139.47% rise from ₦2,396.23 billion in Q1 2023. The value of other oil products imports in Q1,2024 stood at ₦4,445.52 billion showing an increase of 32.90% from ₦3,344.93 billion in Q4 2023 and a 48.28% rise from ₦2,998.11 billion in Q1 2023,” it adds.
With that said, here are the 5 countries Nigeria bought the highest volume of goods from in Q1 2024.
Top 5 countries Nigeria imported from the most in Q1 2024
Rank
Country
Import value
% of Import volume
1.
China
N2.930.10 billion
23.18%
2.
India
N1,070.23 billion
8.46%
3.
USA
N1,009.22bn
7.98%
4.
Belgium
N955.97bn
7.56%
5.
Netherlands
N591.55bn
4.68%
Source link : https://africa.businessinsider.com/local/markets/top-5-countries-nigeria-imported-from-the-most-in-q1-2024/cyky42z
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Publish date : 2024-06-14 15:10:04
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