Total importation into Nigeria in twelve months has increased by about 98 percent year on year to about N13 trillion amidst foreign exchange reforms, the National Bureau of Statistics (NBS) has said.
Among other factors, the imported goods increased at a huge rate since the naira was devalued in the middle of year 2023.
In the same vein, the data released by NBS showed that total importation declined by more than 10.7 percent between March and June 2024 just as the value of total imports printed at ₦12,473.53 billion in the second quarter of 2024.
This represents a decrease of 10.71percent when compared with ₦13, 970.05 billion importations in the first quarter of the same year.
Maritime Bits checks on the data showed that over a 12-month period, Nigeria’s total imports rose by 97.93% from ₦6,301.95 billion in the second quarter of 2023 to ₦12,473.53 billion at the end of second quarter (Q2), 2024.
The data also revealed that in the same Q2, the People’s Republic of China remains Nigeria’s highest trading partner on the import side, followed by Belgium, India, the United States of America (USA) and the Netherlands.
The most traded commodities during the quarter were Motor Spirit ordinary, gas oil, durum wheat, butanes, and cane sugar meant for sugar refineries. The value of agricultural goods imported in Q2 2024 was ₦893.25 billion, reflecting a decrease of 2.96 percent when compared to ₦920.54 billion in Q1 2024.
The NBS data also showed that on year-on-year comparison, agricultural goods imported increased by 96.38 percent compared to ₦ 454.85 billion in Q2 2023. In Q2 2024, raw material imports were valued at ₦1,481.50 billion.
This represents a 0.96 percent increase from ₦1,467.41 billion in Q1 2024. It also means a significant rise of 160.92 percent from ₦567.80 billion in Q2-2023.
In Q2 2024, solid mineral imports were valued at ₦96.80 billion. This represents a 35.61percent increase from ₦71.38 billion in Q1 2024 and a 206.08% increase from ₦31.63 billion in Q2 2023.
In the quarter under review, the value of imported manufactured goods was ₦5,576.67 billion, reflecting a 2.82 percent decline from ₦5,738.32 billion in Q1 2024.
Over 12 months, imported manufactured goods rose by 84.67 percent from ₦3,019.78 billion in Q2 2023.
According to NBS, the value of other oil products imports in Q2, 2024 stood at ₦4,425.31 billion, showing a decrease of 23.34 percent from ₦5,772.35 billion in Q1 2024 and a 98.64 percent rise from ₦2,227.84 billion in Q2 2023
