Nigeria’s imports drops by 11.71% to N12.47trn in Q2 2024, says NBS

The National Bureau of Statistics (NBS) on Thursday disclosed that Nigeria’s value of total imports stood at N12.47 trillion in the second quarter of 2024 (Q2 2024), representing a decrease of 10.71per cent compared to  N13.97 trillion recorded in first quarter of 2024 (Q1 2024).

With the N12.47 trillion in Q2 2024, it rise by 97.93per cent from the N 6.3 trillion value recorded in the corresponding quarter of 2023.

The Foreign Trade in Goods Statistics (Q2 2024) report by NBS stated that in  the second quarter of 2024, China remains Nigeria’s highest trading partner on the import side, followed by Belgium, India, United States of America, and The Netherlands. The most traded commodities during the quarter were Motor spirit ordinary, Gas oil, Durum wheat, Butanes and Cane sugar meant for sugar refinery.

The report stated that, “The value of agricultural goods imported in Q2 2024 was N893.25 billion, reflecting a decrease of 2.96per cent when compared to N920.54 billion in Q1 2024, and an increase of 96.38 per cent compared to N454.85 billion in Q2 2023.

“In Q2 2024, raw material imports were valued at N1,481.50 billion. This represents a 0.96% increase from N1,467.41 billion in Q1 2024 and a significant rise of 160.92per cent from N567.80 billion in Q2 2023.

“In the second quarter of 2024, solid mineral imports were valued at N96.80 billion. This represents a 35.61per cent increase from N71.38 billion in Q1 2024 and a 206.08per cent increase from N31.63 billion in Q2 2023.

“In the reviewed quarter, the value of imported manufactured goods was N5,576.67 billion, reflecting a 2.82per cent decline from N5,738.32 billion in Q1 2024 and an 84.67per cent rise from N3,019.78 billion in Q2 2023.

“The value of other oil products imports in Q2, 2024 stood at N4,425.31 billion showing a decrease of 23.34per cent from N5,772.35 billion in Q1 2024 and a 98.64per cent rise from N2,227.84 billion in Q2 2023.”

On export, the report disclosed that total exports in Q2 2024 were valued at N19.4 trillion, reflecting a 1.31per cent increase compared to N19.17 trillion in Q1 2024 and a 201.76per cent rise compared to N6.4 trillion in Q2 2023.

According to the report, the top trading export partners in Q2 2024, were Spain, the United States of America, France, India, and The Netherlands. The most exported commodities included crude oil, liquefied natural gas, other petroleum gases in a gaseous state, superior-quality cocoa beans, and urea.

“Exports of agricultural goods in Q2 2024 amounted to N973.69 billion, a 5.93per cent decrease from N1,035.02 billion in Q1 2024 and a 246.67per cent rise from N280.87 billion in Q2 2023.

“The value of raw material exports in Q2 2024 was N366.91 billion, a rise of 4.01per cent from N352.75 billion in Q1 2024 and by 151.96per cent from N145.62 billion in Q2 2023.

“Solid mineral exports in Q2 2024 were valued at N58.56 billion, marking a 7.65per cent decrease from N63.41 billion in Q1 2024 and a 71.79per cent rise from N34.09 billion in Q2 2023.

“The value of manufactured goods exports in Q2 2024 was N480.82 billion, reflecting a 78.95 per cent increase from N268.70 billion in Q1 2024 and a 126.65per cent increase from N212.14 billion in Q2 2023.

“Crude oil exports in Q2 2024 were valued at N14,559.56 billion, a decrease of 5.99per cent from N15,486.63 billion in Q1 2024 and increased by 190.86per cent from N5,005.71 billion in Q2 2023.

“Other oil product exports in Q2 2024 stood at N2,915.12 billion, showing an increase of 53.28per cent from N1,901.88 billion in Q1 2024 and a 293.54 per cent rise from N740.74 billion in Q2 2023.”