June 10, 2024 — Nigeria’s total imports in the first quarter of 2024 have skyrocketed to ₦12.64 trillion, marking a significant 39.65% increase from ₦9.05 trillion in the last quarter of 2023, and a staggering 95.53% rise from ₦6.47 trillion in the first quarter of 2023. This surge highlights a sharp escalation in the nation’s import dependency, particularly for fuel and food items.
According to the latest Foreign Trade Statistics released by the National Bureau of Statistics (NBS) on Sunday, manufacturers in Nigeria spent a substantial ₦1.5 trillion on importing raw materials. Meanwhile, citizens contributed ₦920.54 billion towards the importation of agricultural goods, reflecting the country’s ongoing struggle to meet its food demands domestically.
China emerged as Nigeria’s primary import partner, accounting for 23.18% of the total imports. Other significant contributors included India (8.46%), the United States (7.98%), Belgium (7.56%), and the Netherlands (4.68%).
The report detailed a sharp rise in the value of agricultural imports, which stood at ₦920.54 billion. This represents a 29.45% increase from ₦711.14 billion in Q4 2023 and a remarkable 95.28% jump from ₦471.39 billion in Q1 2023.
Similarly, the import of raw materials by manufacturers surged to ₦1.47 trillion, a 51.78% rise from ₦966.80 billion in Q4 2023, and a 164.18% increase from ₦555.47 billion in Q1 2023.
The report stated, “The share of total imports accounted for 39.75% of total trade in the first quarter of 2024 with the value of imports amounting to ₦12.64 trillion in Q1 2024. This value indicates an increase of 39.65% over the value recorded in Q4 2023 (₦9.05 trillion) and rose by 95.53% compared to the value recorded in Q1 2023 (₦6.46 trillion). The merchandise trade balance for Q1 2024 stood positive at ₦6.5 trillion.”
This increase in imports underscores Nigeria’s heavy reliance on foreign goods to meet its domestic needs, particularly in critical sectors such as agriculture and manufacturing. The sharp rise in import costs has prompted calls for more robust policies to enhance local production capabilities and reduce dependency on imports, which could be vital for the country’s economic stability and growth.
