Nigeria’s import narrative is intricate, reflecting the challenges and opportunities of a globalized economy, requiring imports for machinery, technology, consumer goods, and petroleum supplies.
Nigeria’s abundant resources have led to concerns over the high rate of importation, particularly of locally produced commodities.
Nigeria’s ongoing complication with international trade persists as the country has established strong relationships with other nations for importation of goods.
There are some products that Nigeria predominantly imports, and below are 5 of the largest by quantity. The data below represents the figures in Q3 of 2023, according to the country’s National Bureau of Statistics (NBS).
Nigeria’s import activities significantly impact the country’s economy, affecting inflation rates, employment levels, and overall economic stability.
According to the NBS, “during the third quarter of 2023, total imports were valued at ₦8,457.68 billion which accounted for 44.98% of total trade. Imports increased by 47.70% in Q3, 2023 compared to the value (₦5,726.25 billion) recorded in Q2, 2023 and by 33.33% compared to the value (₦6,343.53 billion) in Q3, 2022.”
The top imports from Nigeria are Motor Spirit (Ordinary), 22.71% valued at N, 921.03 billion; gas oil, 8.81% valued at N736.66 billion; cane sugar, 1.86% rated at N157.34 billion; and used cars, 1.64% valued at N135.82 billion.