With a population exceeding 200 million, Nigeria relies heavily on imports to meet domestic demand, particularly in sectors such as machinery, petroleum products, pharmaceuticals, and food supplies.
In 2024, Nigeria’s import market was shaped by global trade dynamics, currency fluctuations, and government policies aimed at balancing trade deficits while ensuring the steady supply of critical goods.
The NBS Foreign Trade in Goods report
According to the latest Foreign Trade in Goods Statistics released by the National Bureau of Statistics, the value of total imports stood at ₦16.59 billion in Q4, 2024.
This represented a rise of 83.24% from the value recorded in the corresponding quarter of 2023 (₦9.05 billion) and increased by 8.57% compared with the value recorded in Q3, 2024 (₦15.28 billion).
The country’s major trading partners include leading global economies that supply a range of products essential for Nigeria’s industrial growth and consumer needs.
The top imported commodities in Q4,2024 included motor spirit, gas oil, cane sugar, airplane parts, and photovoltaic cells.
The report revealed the following countries as the top five economies from which Nigeria imported the most goods in 2024;
| S/N | Country of Origin | % Share of Total Imports |
|---|---|---|
|
1 |
China |
27.80% |
|
2 |
India |
11.43% |
|
3 |
Belgium |
8.35% |
|
4 |
United States |
6.36% |
|
5 |
France |
3.62% |
The import table highlights Nigeria’s top five sources of imported goods in 2024, with China leading at 27.80%.
This dominance reflects China’s strong trade ties with Nigeria, particularly in supplying machinery, electronics, textiles, and industrial equipment.
India follows with 11.43%, indicating significant imports of pharmaceuticals, automobiles, and refined petroleum products.
Belgium, accounting for 8.35%, is a key supplier of chemicals, medical equipment, and industrial goods.
The United States, at 6.36%, exports machinery, agricultural products, and refined petroleum to Nigeria. France, contributing 3.62%, provides luxury goods, automobiles, and industrial equipment.
These figures demonstrate Nigeria’s reliance on a diverse range of global partners to meet its industrial and consumer needs.
