KEY POINTS
- China leads as Nigeria’s top import partner in Q2 2024.
- The most imported goods include Motor spirit, crude oil, and wheat.
- Imports dropped 10.71% from Q1 2024 but surged 97.93% compared to Q2 2023.
The Nigerian National Bureau of Statistics (NBS) has revealed the following as destination of the country’s imports in the second quarter of the year 2024. The report shows that China is the largest importer’s trading partner, other partners include Belgium, India, United States and The Netherlands.
Nigeria’s key import commodities
Data obtained from NBS showed that the products imported most during the quarter were Motor spirit ordinary (petrol), crude oil, Durum wheat, Butanes, Cane sugar, which were for refinery.
These commodities played an important role in boosting the import numbers that currently stand at N12. Global foreign exchange turnover was recorded to be at $ 47 trillion in total for the quarter.
Import and export statistics
While total imports saw a decline of 10.71% compared to the first quarter of 2024, where imports stood at N13.97 trillion, they rose sharply by 97.93% when compared to the same period in 2023, which recorded N6.30 trillion.
In contrast, Nigeria’s total exports during Q2 2024 increased by 1.31% to reach N19.42 trillion, up from N19.17 trillion in Q1 2024. This also represents a significant 201.76% increase from Q2 2023, when exports were valued at N6.43 trillion. As reported by Daily Post, the country’s trade surplus during this period amounted to N6.95 trillion, demonstrating growth in export activity over the quarter.
Economic implications
As regards exports, Nigeria’s export elevation remains healthy while the NBS report also reveals that Nigeria relies heavily on some countries for specific imports.
With China maintaining its dominant position as the top trading partner, the country’s trade relationship with key global players remains crucial in stabilizing its economy.
The reduction in import values reflects both an internal effort to manage foreign exchange reserves and the global economic environment affecting trade dynamics.
As the country navigates its trade challenges, the balance between import reduction and export growth remains critical in achieving economic sustainability.
