In the 2nd quarter of 2024, Nigeria invested a shocking 12.47 trillion on imports, representing 39.11% of the nation’s overall trade for the duration, according to the current report from the National Bureau of Statistics (NBS). The report highlighted the West African country’s substantial trade relationships around the world, with Asia leading as Nigeria’s leading trading partner. Nigeria’s imports from Asia throughout this duration amounted to 5.58 trillion, representing 44.74% of all imports, highlighting the area’s supremacy in the nation’s trade portfolio. Europe followed carefully, with 4.93 trillion worth of products imported, representing 39.56% of the overall. Imports from the Americas stood at 1.34 trillion (10.72%), while Africa contributed 555.48 billion (4.45%) to the import volume. The Economic Community of West African States (ECOWAS) represented simply 166.37 billion (1.33%), and Oceania settled the list with 66.14 billion (0.53%). The report likewise kept in mind that the leading 5 nations Nigeria imported from contributed a significant 59.18% of the nation’s overall import expense, showing a high concentration of trade with a couple of crucial partners. In overall, Nigeria’s trade for the 2nd quarter of 2024 totaled up to 31.89 trillion, marking a 3.76% reduction from the previous quarter however a substantial 150.39% boost compared to the very same duration in 2023. This rise highlights the increasing scale of Nigeria’s trade activities year-on-year, in spite of the quarter-on-quarter dip. 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 blazed a trail as Nigeria’s biggest import partner, with items worth over 3 trillion getting in the nation throughout the quarter. Belgium and India followed, contributing substantial total up to Nigeria’s growing import expense. The United States and the Netherlands finished the leading 5, even more highlighting Nigeria’s strong trade ties with both Western and Asian economies. The information from the 2nd quarter of 2024 paints a photo of Nigeria’s heavy dependence on imports, especially from Asia and Europe, as the nation continues to take part in high levels of worldwide trade.
Leading 5 Countries Nigeria Spent 12.47 Trillion on Imports in Q2 2024
