Nigeria’s Total Imports Rise 98% in 12-Month to N12.5Trn
Total importation into the Nigerian economy increased by about 98% year on year to about N13 trillion amidst foreign exchange reform. The imported goods increased at a huge rate since the naira was devalued mid year in 2023.
According to data released by the National Bureau of Statistics (NBS), total importation declined by more than 10.7% between March and June 2024.
The Bureau stated that the value of total imports printed at ₦12,473.53 billion in the second quarter of 2024. This represents a decrease of 10.71% when compared with ₦13, 970.05 billion importation in the first quarter of the same year.
Over a 12-month period, Nigeria’s total imports rose by 97.93% from ₦6,301.95 billion in the second quarter of 2023 to ₦12,473.53 billion at the end of Q2-2024. China remains Nigeria’s highest trading partner on the import side, followed by Belgium, India, the United States of America, and the Netherlands in the second quarter.
NBS said the most traded commodities during the quarter were Motor Spirit ordinary, gas oil, durum wheat, butanes, and cane sugar meant for sugar refineries. The value of agricultural goods imported in Q2 2024 was ₦893.25 billion, reflecting a decrease of 2.96% when compared to ₦920.54 billion in Q1 2024.
On year-on-year comparison, agricultural goods imported increased by 96.38% compared to ₦ 454.85 billion in Q2 2023. In Q2 2024, raw material imports were valued at ₦1,481.50 billion. This represents a 0.96% increase from ₦1,467.41 billion in Q1 2024. It also means a significant rise of 160.92% from ₦567.80 billion in Q2-2023.
In the second quarter of 2024, solid mineral imports were valued at ₦96.80 billion. This represents a 35.61% increase from ₦71.38 billion in Q1 2024 and a 206.08% increase from ₦31.63 billion in Q2 2023. In the reviewed quarter, the value of imported manufactured goods was ₦5,576.67 billion, reflecting a 2.82% decline from ₦5,738.32 billion in Q1 2024.
Over 12 months, imported manufactured goods rose by 84.67% from ₦3,019.78 billion in Q2 2023. NBS said the value of other oil products imports in Q2, 2024 stood at ₦4,425.31 billion, showing a decrease of 23.34% from ₦5,772.35 billion in Q1 2024 and a 98.64% rise from ₦2,227.84 billion in Q2 2023. CBN Defends Naira with $39m in Forex Market
