In the second quarter of 2024, Nigeria spent ₦12.47 trillion on imports, accounting for 39.11% of overall commerce, according to the National Bureau of Statistics (NBS).
The research highlighted Nigeria’s vast global commercial links, with Asia ranking as its main trading partner.
During this era, Nigeria’s imports from Asia were ₦5.58 trillion, accounting for 44.74% of total imports, highlighting the region’s dominance in its trading portfolio.
Europe imported ₦4.93 trillion, or 39.56% of the total. The Americas accounted for ₦1.34 trillion (10.72%) of total imports, while Africa provided ₦555.48 billion (4.45%).
The Economic Community of West African States (ECOWAS) contributed ₦166.37 billion (1.33%), followed by Oceania at ₦66.14 billion (0.53%).
According to the report, the top five countries from which Nigeria purchased goods accounted for 59.18% of total import expenditure, indicating a significant concentration of trade with a few key partners.
Nigeria’s commerce in the second quarter of 2024 totaled ₦31.89 trillion, down 3.76% from the previous quarter but up 150.39% from the same period in 2023.
Despite the quarterly fall, this growth demonstrates the growing volume of Nigeria’s commercial activity year after year.
Top 5 Countries Nigeria Spent the Most On in Q2 2024
- China – ₦3.03 trillion (24.29%)
- Belgium – ₦1.79 trillion (14.35%)
- India – ₦1.06 trillion (8.49%)
- United States of America – ₦917.84 billion (7.36%)
- Netherlands – ₦585.30 billion (4.69%)
China led the way as Nigeria’s largest import partner, with goods worth over ₦3 trillion entering the country during the quarter.
Belgium and India followed, contributing significant amounts to Nigeria’s growing import bill. The United States and the Netherlands completed the top five, further emphasizing Nigeria’s strong trade ties with both Western and Asian economies.
The data from the second quarter of 2024 paints a picture of Nigeria’s heavy reliance on imports, particularly from Asia and Europe, as the country continues to engage in high levels of international trade.
