Top 5 Countries Nigeria Spent ₦12.47 Trillion on Imports in Q2 2024

In the second quarter of 2024, Nigeria spent a staggering ₦12.47 trillion on imports, representing 39.11% of the country’s total trade for the period, according to the latest report from the National Bureau of Statistics (NBS).

The report highlighted the West African nation’s extensive trade relationships across the globe, with Asia leading as Nigeria’s top trading partner.

Nigeria’s imports from Asia during this period totaled ₦5.58 trillion, accounting for 44.74% of all imports, underscoring the region’s dominance in the country’s trade portfolio.

Europe followed closely, with ₦4.93 trillion worth of goods imported, representing 39.56% of the total. Imports from the Americas stood at ₦1.34 trillion (10.72%), while Africa contributed ₦555.48 billion (4.45%) to the import volume.

The Economic Community of West African States (ECOWAS) accounted for just ₦166.37 billion (1.33%), and Oceania rounded off the list with ₦66.14 billion (0.53%).

The report also noted that the top five countries Nigeria imported from contributed a substantial 59.18% of the country’s total import expenditure, reflecting a high concentration of trade with a few key partners.

In total, Nigeria’s trade for the second quarter of 2024 amounted to ₦31.89 trillion, marking a 3.76% decrease from the previous quarter but a significant 150.39% increase compared to the same period in 2023.

This surge highlights the increasing scale of Nigeria’s trade activities year-on-year, despite the quarter-on-quarter dip.

Top 5 Countries Nigeria Spent the Most On in Q2 2024

1. China – ₦3.03 trillion (24.29%)
2. Belgium – ₦1.79 trillion (14.35%)
3. India – ₦1.06 trillion (8.49%)
4. United States of America – ₦917.84 billion (7.36%)
5. Netherlands – ₦585.30 billion (4.69%)

China led the way as Nigeria’s largest import partner, with goods worth over ₦3 trillion entering the country during the quarter.

Belgium and India followed, contributing significant amounts to Nigeria’s growing import bill. The United States and the Netherlands completed the top five, further emphasizing Nigeria’s strong trade ties with both Western and Asian economies.

The data from the second quarter of 2024 paints a picture of Nigeria’s heavy reliance on imports, particularly from Asia and Europe, as the country continues to engage in high levels of international trade.