Have you seen This – Imports have reached N12 trillion with fuel and food items taking the lead.

In Q1 2024, total imports amounted to N12.64tn, marking a 39.65% surge from N9.05tn in Q4 2023 and a notable 95.53% increase from N6.47tn in Q1 2023.

In the latest Foreign Trade Statistics released by the NBS on Sunday, it was revealed that manufacturers in the country spent a substantial N1.5 trillion on importing raw materials, while citizens contributed N920.54 billion towards the importation of agricultural goods.

According to the NBS, China emerged as Nigeria’s primary import partner, making up 23.18% of the total imports. Noteworthy import contributors were India (8.46%), the United States (7.98%), Belgium (7.56%), and the Netherlands (4.68%).

According to the report, the value of agricultural imports stood at N920.54bn, showing a 29.45% rise from N711.14bn in Q4 2023 and a substantial 95.28% increase from N471.39bn in Q1 2023.

In the same vein, manufacturers’ imports of raw materials amounted to N1.47 trillion, marking a 51.78% surge from N966.80 billion in Q4 2023 and a 164.18% increase from N555.47 billion in Q1 2023.

The report said, “The share of total imports accounted for 39.75 per cent of total trade in the first quarter of 2024 with the value of imports amounting to N12.64tn in Q1, 2024. This value indicates an increase of 39.65 per cent over the value recorded in Q4 2023 (N9.05tn) and rose by 95.53 per cent compared to the value recorded in Q1 2023 (N6.46tn). The merchandise trade balance for Q1 2024 stood positive at N6.5tn,”

Source: X/Imranmudhz