In the third quarter of 2024, the total value of Nigeria’s imports grew to ₦14,674.05 billion, which was 62.30% more than the amount in the same quarter of 2023.
“The value of total imports stood at ₦14,674.05 billion in the third quarter of 2024, representing a rise of 62.30% from the value recorded in the corresponding quarter of 2023 (₦9,041.24 billion) and increased by 8.71% compared with the value recorded in Q2, 2024 (₦13,497.90 billion),” the report states.
According to the study, Nigeria’s total goods trade in Q3 2024 was worth ₦35,160.44 billion.
Exports accounted for 58.27% of overall commerce in the examined quarter, totaling ₦20,486.39 billion.
This is a 98.00% rise from the third quarter of 2023 (₦10,346.60) and a 16.76% increase from the second quarter of 2024 (₦17,545.62).
In the period under review, imports comprised 41.73% of overall trade, with a total value of ₦14,674.05 billion. This figure shows an increase of 8.71% over the value logged in Q2 7 2024 (₦13,497.90 billion) and 62.30% over the value logged in Q3 2023 (₦9,041.24 billion).
The goods trade balance for the third quarter of 2024 was ₦5,812.34 billion, a 43.60% increase over the previous quarter’s value.
“During the third quarter of 2024, total imports were valued at ₦14,674.05 billion accounting for 41.73% of total trade.
Using the Standard International Trade Classification, the top-ranked group import was “mineral fuels” with ₦5,140.10 billion representing 35.03% of total imports,” the report states.
Top 5 countries Nigeria spent the most money from as per recent data
| Rank | Country | Import value | Import % |
|---|---|---|---|
|
1. |
China |
N3,574.79 billion |
24.36% |
|
2. |
India |
N1,662.68 billion |
11.33% |
|
3. |
Belgium |
N1,632.89 billion |
11.13% |
|
4. |
United States |
N1,024.44 billion |
6.98% |
|
5. |
Malta |
N766.81 billion |
5.23% |
