Nigeria’s Manufactured Goods Imports Rises by 268.76%

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The value of imported manufactured goods into Nigeria in the fourth quarter (Q4) 2023 stood at ₦9,026.46 billion. This is  an increase of 268.76 percent when compared to the value recorded in Q4, 2022 which was ₦2,447.76 billion.

The National Bureau of Statistics (NBS) which gave this figure in its

Foreign Trade in Goods Statistics Q4 2023 report, however noted that this was driven by the import of ‘Tanks and other armoured fighting vehicles worth ₦5,061.25 billion.

The report also shows that Nigeria’s major export commodity during the period under review was Petroleum oils and oils obtained from bituminous minerals, crude’ valued at N10,310.70 billion representing 81.23 percent.

The report said Nigeria’s total trade during the fourth quarter 2023, stood at N26,801.95 billion. Exports were valued at N12,693.62 billion while imports amounted to N14,108.33 billion.

On an annual basis, total trade was N71,880.01 billion, of which imports amounted to N35,917.62 billion, and exports were recorded at N35,962.39 billion.

According to NBS total exports in the quarter under review increased by 22.68 percent when compared to the amount recorded in the third quarter of 2023 (N10,346.60 billion) as well as by 99.60 percent compared to the corresponding quarter in 2022 (N6,359.61 billion).

It noted that total imports increased by 56.04 percent compared to the value recorded in the third quarter of 2023 (N9,041.24 billion) and by 163.08 percent when compared to the value recorded in the corresponding quarter of 2022 (N5,362.83 billion).

The top five export destinations in Q4, 2023 according to the report were the Netherlands with N1,910.47 billion or 15.05 percent, India with N1,101.47 billion or 8.68 percent, Spain with N1,030.09 billion or 8.11 percent, Canada with N907.64 billion or 7.15 percent, France with N799.77 billion or 6.30 percent of total exports. Altogether, exports to the top five countries amounted to 45.29 percent of the total value of exports.

The report also shows that Nigeria’s largest export product in the fourth quarter of 2023 was ‘Petroleum oils and oils obtained from bituminous minerals, crude’ valued at N10,310.70 billion representing 81.23 percent, this was followed by ‘Natural gas,’ with N1,015.84 billion accounting for 8.00 percent, and ‘Urea, whether or not in aqueous solution’ with N251.90 billion or 1.98 percent of total exports.

In terms of Imports, the top five trading partners were Singapore with goods valued at N5,092.36 billion or 36.09 percent, China with N2,060.59 billion or 14.61 percent, Belgium with N1,140.97 billion or 8.09%, India with N908.59 billion or 6.44 percent and The United States of America with goods valued at N512.99 billion or 3.64 percent. The values of imports from the top five countries amounted to N9,715.50.

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