Nigeria’s import grew by 83.24% to N16.59trn in Q4 2024, says NBS
The National Bureau of Statistics (NBS) on Friday disclosed that value of total imports stood at N16.59 trillion in the fourth quarter of 2024, representing a rise of 83.24per cent from N9.05 trillion recorded in the corresponding quarter of 2023.
The NBS in its “Foreign Trade in Goods Statistics” (Q4 2024) report noted that China remains Nigeria’s highest trading partner on the import side in the fourth quarter of 2024, followed by India, Belgium, United States of America, and France.
“The most traded commodities imported during the quarter were Motor spirit ordinary, Gas oil, Cane sugar meant for sugar refinery, other parts of aeroplanes, helicopters or unmanned aircraft and Photovoltaic cells not assembled in modules or made up into panels.
“The value of agricultural goods imported in Q4 2024 was N1,090.55 billion, reflecting an increase of 53.35% compared to N711.14 billion in Q4 2023 and an increase of 23.61per cent when compared to N882.24 billion in Q3 2024.
“In the same period, raw material goods import was valued at N2,109.26 billion. This represents a rise of 118.17per cent from N966.80 billion in Q4 2023 and a 33.53per cent increase from N1,579.58 billion in the preceding quarter (Q3 2024).
“In the fourth quarter of 2024, solid mineral imports were valued at N111.79 billion. This represents an 89.72per cent increase from N58.92 billion in Q4 2023 and also increased by 20.22per cent from the value of N92.99 billion in Q3 2024.
“During the quarter, the value of imported manufactured goods was N8,473.56 billion, reflecting a 113.34per cent rise from N3,971.91 billion in Q4 2023 and 21.37per cent increase from N6,981.53 billion recorded in Q3 2024.
“The value of other oil products imports in Q4, 2024 stood at N4,805.23 billion showing a 43.66per cent rise from N3,344.93 billion in Q4 2023 and a decrease of 16.35 per cent from N5,744.67 billion in Q3 2024.”
On exports, the report by NBS stated that, total exports in Q4 2024 were valued at N20,014.33 billion, reflecting a 57.67per cent rise compared to N12,693.62 billion in the corresponding quarter of 2023 and a 2.55per cent decrease compared to N20,537.17 billion in Q3 2024.
According to the report, the Netherlands, France, Spain, India and Indonesia, emerged as top five trading export partners in Q4 2024.
The most exported commodities included crude oil, liquefied natural gas, other petroleum gases in a gaseous state, Superior quality Cocoa beans, and Urea, whether or not in
aqueous solution.
“Exports of agricultural goods in the period under review amounted to N1,540.46 billion representing a 232.02per cent rise from N463.97 billion in Q4 2023 and a 72.95per cent increase from N890.72 billion in Q3 2024.
“The value of raw material exports in Q4 2024 stood at N671.12 billion, representing a rise of 103.73per cent from N329.41 billion in Q4 2023 and 52.59per cent from N439.82 billion in Q3 2024.
Solid mineral exports in Q4 2024 were valued at N60.70 billion; this shows a 69.22per cent rise from N35.87 billion in Q4 2023 and a decrease of 21.88per cent from N77.70 billion in Q3 2024.
“The value of manufactured goods exports in Q4 2024 was N494.22 billion,
reflecting a 110.34% increase from N234.96 billion in Q4 2023 and a decrease of 52.54% from N1,041.28 billion in Q3 2024
“Crude oil exports in Q4 2024 were valued at N13,783.00 billion; the value
increased by 33.68 per cent from N10,310.70 billion in Q4 2023 and by 2.81% from N13,406.37 billion in Q3 2024.
“Other oil product exports in Q4 2024 stood at N3,388.80 billion, showing an
increase of 163.18per cent rise from N1,287.65 billion in Q4 2023 and a decrease of
26.66per cent from N4,620.54 billion in Q3 2024,” the report added.
