Full List of Top 10 Countries Nigeria Imports Goods From And Items Traded

• Nigeria's economy depends mainly on imports from countries like Singapore, Belgium, China and others
• According to data by the NBS, Nigeria's total import value reached ₦14,108.33 billion in Q4 of 2023
• Tanks and other armoured fighting vehicles, motorised, wheat dominated the list of imported items

Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.

Nigeria's economy mainly depends on imports, to which many trading partners contribute substantially in terms of value and share percentage.

According to the report, Nigeria's total import value reached ₦14,108.33 billion in Q4 of 2023, up 163.08% from the same quarter in 2022 (₦5,362.83 billion) and 56.04% from Q4 2022 (₦9,041.24 billion).

This is according to the National Bureau of Statistics' most recent foreign trade statistics.

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The main factor driving this significant increase was imports of tanks and other armoured fighting vehicles, motorised, whet, which accounted for ₦5,061.25 billion.

For the first time in at least 16 years, Singapore has overtaken China as Nigeria's largest import partner, according to the examination of the most recent international trade data from the National Bureau of Statistics (NBS).

The report highlighted that 36.1% of Nigeria's total imports, which came to N14.1 trillion in the fourth quarter of last year, were products valued at N5.09 trillion imported from Singapore.

The report said:

“Manufactured goods mainly imported were ‘tanks and other armoured fighting vehicles, motorised, whet’ from Singapore valued at N5,06 trillion followed by ‘used vehicles, with diesel or semidiesel engine, of cylinder capacity >2500cc’ also imported from the US and Italy valued at N94.3 billion and N6.69 billion respectively.”

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The interdependence of the world economy and the significance of developing robust trade ties for Nigeria's sustainable economic growth is reflected in these top 10 import partners.

Here are Nigeria’s top 10 export trading partners and the worth of imported items.

1. Singapore - ₦5,092,357,776,940
2. China - ₦2,060,589,998,794
3. Belgium - ₦1,140,969,991,407
4. India - ₦908,592,447,729
5. United States - ₦512,989,255,430
6. Netherlands - ₦482,291,737,055
7. Korea, South - ₦304,619,077,676
8. Malta - ₦291,979,905,312
9. Brazil - ₦282,262,644,679
10. Italy - ₦239,669,900,435

Countries Nigeria is importing petrol from Nigeria

Legit.ng reported that the National Bureau of Statistics has disclosed that Nigeria spent N1.199 trillion on importing Premium Motor Spirit (PMS), also known as petrol, in three months, between July and September 2022(Q3,2022).

According to the report, the amount spent importing petrol from July to September 2022 is a 16.9% increase compared with the N1.026 trillion spent to import the commodity in the same period in 2021.

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The NBS further revealed that the petrol importation bill for Q3 2022 was the highest recently.

Source: Legit.ng