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N12 Trillion Imports, Fuel and Food Drive Surge

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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.

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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%).

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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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