Nigeria Heavily Dependent on Chinese Products as Imports Rise by 183.91 Per Cent in 2022
- Nigeria's imports from China has risen to 183.91 per cent as the country continues its reliance on Chinese products
- A recent report from Nigeria's data body, the NBS says that China is responsible for most imports into Nigeria
- While imports from China continues to surge, Nigeria's indebtedness to the country also hit $3.67 billion
Nigeria’s imports from China have increased by 183.91 per cent, from N530.98 billion in the first quarter of 2018 to N1.5 trillion in the first quarter of 2022.
The National Bureau of Statistics (NBS) report on foreign trade said China is responsible for most imports into Nigeria. In the last five quarters being reviewed, China was the number one country in the top ten countries Nigeria imports goods from.
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Nigeria imports Okada, others from China
The Punch reports that while China is responsible for most of Nigeria’s imports, exports to China are very insignificant. China was missing from the country’s top 10 export destinations from the first quarter of 2018 to the first quarter of 2022, and 2022.
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China ranked among the top 10 export destinations in the first quarter of 2021, when it placed third with N190.11 billion. In the same period, total imports from China were put at N2.01 trillion.
Importations from China spiked across the quarters of 2018, hitting N530.98 billion, 2019, N979.2 billion and in 2020, grew to N1.11 trillion.
Imports from China were highest in the first quarter of 2021 at N20.01 trillion and went down to N1.51 trillion in the first quarter of 2022.
What Nigerians import from China
The NBS data states that imports from China include motorcycles, voice reception machines, and electrical appliances for telephones, among others.
Nigeria’s exports to China in the period under review included, polyethene, leather, sesame seeds, cashew nuts, zinc ores and concentrates, lead ores and concentrates, and more.
According to the Punch report, in Q1 2022, exportations to China accounted for 25.55 per cent of the total import (N5.90tn). In Q1 2021, it was 29.34 per cent of the total imports (N6.85tn). In Q1 2020, it was 26.28 per cent of the total import (N4.22tn), in Q1 2019, it was 26.4 per cent of total imports (N3.70tn), and 21.1 per cent of the total imports (N2.52tn) in Q1 2018.
Improved bilateral relationship, and increased indebtedness
Recently, the bilateral relationship between Nigeria and China has improved. Nigeria’s borrowing from China also went up by 89.94 per cent in the period under review to rise to $3.67 billion, making China Nigeria’s largest bilateral lender.
The Debt Management Office (DMO) said about $3.12 billion in loans from China are tied to projects which include projects like railways, Abuja light rail, and four Nigerian airports’ terminal expansion projects in Abuja, Kano, Lagos and Port Harcourt.
Nigeria’s debt profile hits N2.04 trillion in first quarter of 2022
Legit.ng has reported that on Tuesday, June 7, 2022, the Debt Management Office (DMO) said that Nigeria’s total public debt went up by N2.04 trillion, bringing the total of it to N41.60 trillion in the first quarter of 2022 from N39,56 trillion as of December 2021.
There was an increase of N2.04 trillion within three months.
The public debt stock includes the total domestic and external debt of the Federal Government of Nigeria, the 36 states and Abuja.
Source: Legit.ng
