Nigeria’s imports skyrocketed to N12.64 trillion in Q1 2024, a dramatic 39.65% jump from Q4 2023 and an astounding 95.53% rise from Q1 2023.
Fuel and food items led the charge, with manufacturers spending N1.5 trillion on raw materials and agricultural imports hitting N920.54 billion.
China topped the list of import partners, contributing 23.18% of the total, followed by India (8.46%), the US (7.98%), Belgium (7.56%), and the Netherlands (4.68%).
Agricultural imports surged by 29.45% from the previous quarter and 95.28% from Q1 2023.
Manufacturers’ raw material imports soared by 51.78% from Q4 2023 and a whopping 164.18% from Q1 2023.Overall, imports accounted for 39.75% of total trade, with a positive merchandise trade balance of N6.5 trillion for Q1 2024, according to the latest NBS report.
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