Top 5 countries Nigeria spent the most money from as per recent data

In the third quarter of 2024, Nigeria spent more money importing goods, similar to how it did exporting products compared to the previous quarter.

Business Insider Africa presents the top 5 countries Nigeria spent the most money on in Q3 2024.
This list is courtesy of a report by the National Bureau of Statistics.
China ranks number 1 on the list.

In the third quarter of 2024, the total value of Nigeria’s imports grew to ₦14,674.05 billion, which was 62.30% more than the amount in the same quarter of 2023.

“The value of total imports stood at ₦14,674.05 billion in the third quarter of 2024, representing a rise of 62.30% from the value recorded in the corresponding quarter of 2023 (₦9,041.24 billion) and increased by 8.71% compared with the value recorded in Q2, 2024 (₦13,497.90 billion),” the report states.

According to the study, Nigeria’s total goods trade in Q3 2024 was worth ₦35,160.44 billion.

This indicates a 13.26% increase over the previous quarter’s value and an 81.35% increase over the amount recorded during the same time in 2023.

Exports accounted for 58.27% of overall commerce in the examined quarter, totaling ₦20,486.39 billion.

This is a 98.00% rise from the third quarter of 2023 (₦10,346.60) and a 16.76% increase from the second quarter of 2024 (₦17,545.62).

In the period under review, imports comprised 41.73% of overall trade, with a total value of ₦14,674.05 billion. This figure shows an increase of 8.71% over the value logged in Q2 7 2024 (₦13,497.90 billion) and 62.30% over the value logged in Q3 2023 (₦9,041.24 billion).

The goods trade balance for the third quarter of 2024 was ₦5,812.34 billion, a 43.60% increase over the previous quarter’s value.

“During the third quarter of 2024, total imports were valued at ₦14,674.05 billion accounting for 41.73% of total trade.

Using the Standard International Trade Classification, the top-ranked group import was “mineral fuels” with ₦5,140.10 billion representing 35.03% of total imports,” the report states.

With that said, here are the 5 African countries Nigeria spent the most money on, from buying their products, according to the National Bureau of Statistics’ most recent report.