In the third quarter of 2024, Nigeria spent more money exporting goods than importing, much like in the previous quarter.
- Business Insider Africa presents the top 5 products Nigeria spent the most money on, in Q3 2024.
- This list is courtesy of a report by the National Bureau of Statistics.
- Motor spirit ordinary ranks number 1 on the list.
In Q2 2024, Nigeria, spent ₦12,473.53 billion on imports, representing 39.11% of the nation’s total trade. As per the latest data, Nigeria spent more than that in Q3 of 2024, as it disbursed ₦14,674.05 billion for its import needs.
This is according to the most recent trade report by the country’s Bureau of Statistics.
The report noted that in the third quarter of 2024, imports made up 41.73% of total trade, with imports totaling ₦14,674.05 billion, up 62.30% from Q3 2023’s value of ₦9,041.24 billion and 8.71% from Q2 7 2024’s value of ₦13,497.90 billion.
The overall trade balance for Q3 2024 stayed positive at ₦5,812.34 billion, up 43.60% from the value recorded in the previous quarter.
Nigeria imported ₦7,290.86 billion worth of commodities, or 49.69% of its total imports, mostly from Asia.
In the third quarter of 2024, imports from Oceania came in at ₦73.91 billion, or 0.50%, while imports from Europe came in at ₦5,355.92 billion, or 36.50%, and America at ₦1,440.79 billion, or 9.82%.
Imports from ECOWAS countries made up ₦72.71 billion, or 0.50% of total imports, while trade with African nations was ₦512.56 billion, or 3.49% of total imports.
“Analysis by trading partners reveals that imports from China were valued at ₦3,574.79 billion, representing 24.36% of total imports,” the report states.
“This was followed by imports from India with ₦1,662.68 billion (11.33% of total imports), Belgium with imports valued at ₦1,632.89 billion or 11.13% of total imports, United States of America with goods valued at ₦1,024.44 billion (6.98% of total imports) and goods from Malta valued at ₦766.81 billion or 5.23% of total imports.”
With that said, here are the products Nigeria imported the most in the third quarter of 2024.
Top 5 products Nigeria spent the most money on as per current data
| Rank | Imported products | Import value | Import value % |
|---|---|---|---|
| 1. | Motor spirit ordinary | N3,320.05 billion | 22.63% |
| 2. | Gas oil | N1,331.48 billion | 9.07% |
| 3. | Drum wheat (not in seeds) | N297.79 billion | 2.03% |
| 4. | Cane sugar (meant for sugar refinery) | N156.75 billion | 1.07% |
| 5. | Used vehicles with diesel or semi diesel engine | N153.62 billion | 1.05% |
