Nigeria’s Imports Surge to N12tn, Driven by Fuel, Food

The National Bureau of Statistics (NBS) has reported that Nigeria’s imports soared to N12.64 trillion in the first quarter of 2024, driven primarily by refined petroleum products and agricultural food items. This marks a significant increase of 39.65% from the N9.05 trillion recorded in Q4 2023 and a 95.53% rise from N6.47 trillion in Q1 2023.

Refined petroleum and agricultural imports were the major contributors, with N1.5 trillion spent on raw materials for manufacturing and N920.54 billion on agricultural goods. According to the NBS Foreign Trade Statistics, China remains Nigeria’s top import partner, accounting for 23.18% of total imports. Other notable partners include India (8.46%), the United States (7.98%), Belgium (7.56%), and the Netherlands (4.68%).

The report highlights that mineral fuels were the largest import group, valued at N4.44 trillion (35.09% of total imports), followed by machinery and transport equipment at N3.17 trillion (25.08%) and chemicals at N1.79 trillion (14.13%). Key imported commodities included motor spirit ordinary, gas oil, durum wheat, cane sugar for refineries, and other liquefied petroleum gases.

In response to soaring inflation, President Bola Tinubu’s administration has initiated plans to suspend import duties on staple food items, drugs, and other essentials for six months. This comes amid rising food prices, with food inflation reaching 40.5% and rice prices surging by 169% in the past year, causing severe strain on households.

Nigeria’s trade surplus also saw significant growth, with total exports in Q1 2024 valued at N19.17 trillion, resulting in a foreign trade surplus of N6.52 trillion. This represents a recovery from a trade deficit of N1.41 trillion in Q4 2023. Crude oil exports, accounting for 80.80% of total exports, were the main driver, valued at N15.49 trillion—a 200.79% increase from Q1 2023.

France emerged as the leading destination for Nigerian exports (11.09%), followed by Spain (10.56%), the Netherlands (8.85%), India (8.41%), and the United States (6.84%). Major export commodities included crude oil, liquefied natural gas, sesamum seeds, urea, and cocoa beans.