Nigeria imports goods and products that may not be produced domestically. These include machines, technology, consumer goods, and specialized equipment. As inputs for various industries, these imports support economic growth.
The issue of importation in Nigeria is contentious, with some arguing it’s necessary for the economy’s functioning, while others argue Nigeria imports products that can be produced locally.
However, its importance needs to be taken into account. Goods must be readily available in Africa’s largest market to prevent the population from collapsing under its own weight.
Nigeria’s massive population and high importation volume make it one of the largest African countries, with notable quarterly volumes in Q3 2023.
The National Bureau of Statistics reported a 47.70% increase in total imports in Q3, 2023, compared to Q2, 2022’s value of ₦5,726.25 billion and ₦6,343.53 billion.
Nigeria imported a diverse range of goods from various trade partners during the quarter, including agricultural products, raw materials, and solid minerals.
Nigeria’s top 5 countries saw the highest purchase of products from certain suppliers in Q3 2023, indicating a stronger relationship between the two nations.
China ranked first on the list of the five nations from which Nigeria purchases the greatest goods, making up 23.33% of the total amount purchased, or N1,973.34 billion. Belgium ranks in second place with 11.78% of the import volume, worth N996.65 billion. 9.48% of Nigeria’s imports, valued at N802.07 billion, were from India, 6.64% from Malta (N561.37 billion), and 5.95% from the United States (N502.92 billion).