The National Bureau of Statistics (NBS) has reported that Nigeria spent N5.14 trillion importing mineral fuels in the third quarter of 2024.
This information was contained in the agency’s document titled Trade in Goods Statistics Q3 2024.
According to the document, mineral fuels accounted for 35% of the N14.674.05 trillion worth of goods imported during the period under review.
The NBS stated: “During the third quarter of 2024, total imports were valued at N14.674.05 trillion, accounting for 41.73% of total trade.
“Using the Standard International Trade Classification, the top-ranked group of imports was ‘mineral fuels’ with N5,140.10 billion, representing 35.03% of total imports.”
This was followed by “machinery and transport equipment” at N3.782.19 trillion (25.77% of total imports) and “chemicals and related products” at N1.973.01 trillion (13.45% of total imports).
The NBS also noted that Nigeria imported goods primarily from Asia, with a total value of N7.290.86 trillion, representing 49.69% of total imports.
Imports from Europe followed at N5.355.92 trillion (36.50%), from the Americas at N1.440.79 trillion (9.82%), and from Oceania at N73.91 billion (0.50%) during the third quarter of 2024.
Trade with African countries was valued at N512.56 billion, accounting for 3.49% of total imports, of which imports from ECOWAS countries amounted to N72.71 billion or 0.50% of total imports.
An analysis of trading partners revealed that imports from China were valued at N3.574.79 trillion, representing 24.36% of total imports.
This was followed by imports from India at N1.662.68 trillion (11.33 per cent of total imports); Belgium at N1.632.89 trillion (11.13%); the United States of America at N1.024.44 trillion (6.98%); and Malta at N766.81 billion (5.23% of total imports).
