In the second quarter of 2024, Nigeria spent a total of ₦12,473.53 billion importing goods from other countries. This amount accounted for 39.11% of the West African country’s total trade. During the study period, Nigeria traded with a number of nations around the world, with Asia accounting for the majority of its commerce.
According to the country’s bureau of statistics’s latest report on foreign trade in goods, Nigeria’s imports from Asia in the second quarter of 2024 totaled ₦5,580.60 billion, accounting for 44.74% of the total.
During the same period, imports from Europe accounted for ₦4,934.03 billion (39.56%), America accounted for ₦1,337.28 billion (10.72%), and Africa accounted for ₦555.48 billion (4.45%). ECOWAS countries accounted for ₦166.37 billion (1.33%) of total imports, while Oceania accounted for ₦66.14 billion (0.53%).
However, outside of continental regions import volume for specific countries stood out. The top 5 countries Nigeria imported goods from accounted for a whopping 59.18% of the money the country spent importing goods.
The report also revealed that in the period under review the total goods traded by the West African country stood at ₦31,892.46 billion, a 3.76% reduction from the previous quarter but a 150.39% increase from the same period in 2023.
With that said, here are the 5 African countries Nigeria spent the most money on buying their products.
Top 5 countries Nigeria spent the most money on in Q2 2024
| Rank | Country | Import value | Import % |
|---|---|---|---|
|
1. |
China |
N3,030.33 billion |
24.29% |
|
2. |
Belgium |
N1,790.10 billion |
14.35% |
|
3. |
India |
N1,059.58 billion |
8.49% |
|
4. |
United States of America |
N917.84 billion |
7.36% |
|
5. |
Netherlands |
N585.30 billion |
4.69% |
