BUSINESS

NBS: Nigeria’s Total Imports Increase To N12.643bn In Q1 2024

 

 

The value of Nigeria’s total imports stood at N12.643bn in the first quarter of 2024.

This represents an increase of 40 per cent compared with N9.054b the value recorded in fourth quarter of 2023 and a rise of 95 per cent from the value recorded in the corresponding quarter of 2023 (₦6,466bn).

This is according to data released by the Nigerian Bureau of Statistics (NBS) on ‘Foreign Trade in Goods Statistics’ for Q1, 2024.

In the first quarter of 2024, China ranked highest among the top trading partners on the import side, followed by India, United States of America, Belgium, and The Netherlands. The most traded commodities were Motor spirit ordinary, Gas oil, Durum wheat (Not in seeds), Cane sugar meant for sugar refinery, and Other Liquefied petroleum gases and other gaseous hydrocarbons.

Based on the NBS date, the value of agricultural goods imported in Q1 2024 was ₦920bn, reflecting an increase of 29 per cent when compared to ₦711bn in Q4 2023, and a 95 per cent rise compared to ₦471bn in Q1 2023.

In Q1 2024, raw material imports were valued at ₦1,467bn. This represents a 52 per cent increase from ₦967bn in Q4 2023 and a significant rise of 164 per cent from ₦555bn in Q1 2023.

In the first quarter of 2024, solid mineral imports were valued at ₦71bn. This represents a 21 per cent increase from ₦59bn in Q4 2023 and a 59 per cent increase from ₦45bn in Q1 2023.

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