December 8, 2024
By Idris Buba
Nigeria spent about N5.14 trillion on mineral fuel imports in the third quarter of 2024, this is according to reports from the National Bureau of Statistics, NBS
In its document titled: Trade in Goods Statistics Q3 2024.” NBS, said in the period under review, mineral fuels accounted for 35 percent of the ₦14.674.05 trillion imported goods.
“During the third quarter of 2024, total imports were valued at ₦14.674.05 trillion accounting for 41.73 percent of total trade.
“Using the Standard International Trade Classification, the top-ranked group import was “mineral fuels” with ₦5,140.10 billion representing 35.03 percent of total imports.”
“Machinery and transport equipment” accounted for₦3.782.19 trillion (25.77 percent of total imports) while “Chemicals and related products” followed with ₦1.973.01 trillion (13.45 percent of total imports).”
NBS said, in the third quarter, Nigeria imported goods mainly from Asia, valued at ₦7.290.86 trillion representing 49.69 percent of total imports. According to the document, this was followed by imports from Europe with ₦5,355.92 trillion or 36.50 percent, America with ₦1.440.79 trillion or 9.82%, while imports from Oceania stood at ₦73.91 billion or 0.50% in the third quarter of 2024.
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While trade with African countries stood at ₦512.56 billion or 3.49 percent of total imports within which imports from ECOWAS countries amounted to ₦72.71 billion or 0.50% of total imports.
In the same vein, imports from China were valued at ₦3.574.79 trillion, representing 24.36 percent of total imports.
Imports from India, according to NBS, followed with ₦1.662.68 trillion (11.33 percent of total imports), Belgium with imports valued at ₦1.632.89 trillion or 11.13 percent of total imports, United States of America with goods valued at ₦1.024.44 trillion (6.98 percent of total imports) and goods from Malta valued at ₦766.81 billion or 5.23 percent of total imports for the third quarter of 2024.
