In Q2 2024, Nigeria, one of West Africa’s economic powerhouses, spent ₦12,473.53 billion on imports, representing 39.11% of the nation’s total trade. During this period, Nigeria conducted trade with several countries globally, with Asia being its largest trading partner. The country imported a wide range of goods from these nations.
Nigeria’s imports from Asia amounted to ₦5,580.60 billion in Q2 2024, accounting for 44.74% of total imports, according to the Bureau of Statistics. Imports from Europe totaled ₦4,934.03 billion (39.56%), while America contributed ₦1,337.28 billion (10.72%), and Africa ₦555.48 billion (4.45%).
ECOWAS nations made up ₦166.37 billion (1.33%) of imports, with Oceania providing ₦66.14 billion (0.53%).
Additionally, in the period under review, the merchandise trade balance remained positive at ₦6,945.40 billion, up 33.63% from the previous quarter.
The majority of the goods imported make up energy and food products. Oil products and agricultural produce accounted for the top 5 products Nigeria bought from outside its shores.
Given this fact, here are the 5 products Nigeria imported the most in the second quarter of 2024
Top 5 products Nigeria spent the most money on in Q2 2024
| Rank | Product | Import earnings | Import earnings (%) |
|---|---|---|---|
|
1. |
Motor Spirit Ordinary |
N3,221.82 billion |
25.83% |
|
2. |
Gas oil |
N688.87 billion |
5.52% |
|
3. |
Durum Wheats (Not in seeds) |
N414.69 billion |
3.32% |
|
4. |
Butane |
N294.30 billion |
2.36% |
|
5. |
Cane sugar meant for sugar refinery |
N188.76 billion |
1.51% |
