Malta Leads as Data Shows Top Countries Nigeria Imports From in 2024
- Imports from Malta to Nigeria have experienced a significant increase in the third quarter of 2024
- Information from Nigeria’s trade reports by NBS shows that total imports from Malta exceeded N766 billion in the review period
- Findings show that there had been no imports from the European country in the first six months of 2024
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Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
Nigeria’s imports from Malta hit record levels of N766.81 billion in the third quarter of 2024.
The information is based on data released by the National Bureau of Statistics (NBS) in the latest foreign trade stats.
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Imports from Malta surges after Dangote’s comment
The figure represents a significant increase, placing Malta as Nigeria’s fifth-largest import collaborator in the review period. It accounts for 5.23% of the country’s total imports, which total N14.67 trillion.
The NBS data did not provide further details and the exact number of imported products from Malta.
However, the import surge raised suspicion following Aliko Dangote's earlier accusations that Nigerian oil firms imported dirty fuel from the country.
The Nigerian billionaire had alleged that a blending plant was selling off-spec petroleum products to marketers, increasing suspicion over the rise in imports from the country.
Meanwhile, findings showed that no imports from the European country occurred in the first six months of 2024.
In the third quarter, Malter emerged as a significant trading partner for Nigeria.
Top countries Nigeria imported most from in 2024
However, in Q3 2024, Malta emerged as a significant trading partner for Nigeria.
According to the NBS report, imports from China were valued at N3.5 billion, 24.36% of the total imports.
India followed with N1.662 billion, representing 11.33%, and Belgium came next with imports valued at N1.632 billion, representing 11.13% of total imports.
Others are the United States of America, with goods valued at N1.024 billion, representing 6.98%, and Malta, with total imports of N766.81 billion, representing 5.23%.
Punch reports that imports for the third quarter of 2024 represent the highest value from Malta.
Nigeria’s imports move from zero to 74.1%
The N766.81 billion figure represents 74.1% of the total imports from Malta in the corresponding period of 2023.
Experts say the increase is due to the devaluation of the naira, which bloated the import values in local currency.
Nigeria’s total imports from Malta increased significantly from zero to N1.03 trillion, 2.87% of the total imports of N35.92 trillion for 2024.
Malta accounts for 8.41% of Nigeria’s total imports from Europe at N12.25 trillion in 2023.
In 2023, Nigeria’s total imports from Malta rose sharply from zero to N1.03tn, contributing about 2.87 per cent to the total imports of N35.92tn for the year.
Malta accounted for 8.41 per cent of Nigeria’s total imports from Europe, which stood at approximately N12.25tn in 2023.
There were no imports from Malta in the first quarter of 2023, but imports jumped to N181.55 billion or 3.17% of the total imports.
The trend persisted in the third quarter with a significant increase to N561.37 billion, representing 209.20% from the previous quarter.
By Q4 2023, imports from the EU country dropped by 48.01% to N291.98 billion.
10 countries emerge as most significant customers
Legit.ng earlier reported that the NBS has disclosed that Nigeria sold N14.55 trillion worth of crude in the second quarter of 2024.
The figure represents a decline from the N15.48 trillion recorded in the year's first quarter.
The value of oil exports in the second quarter of every year represented a 190.85 increase from the N5 trillion reported in the second quarter of 2023.
Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.
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