Manufactured goods, fuel account for 80.55 per cent of Nigeria’s imports in Q1 2024

Manufactured goods and other petroleum oil products, such as fuel, accounted for 80.55 percent of imports into Nigeria.

This is according to the National Bureau of Statistics’ latest foreign trade in goods data.

Further analysis showed that the value of imports in manufactured and other petroleum products stood at N5,738.32 billion (45.39 percent) and N4,445.52 billion (35.16 per cent), respectively.

Imports of raw materials, agricultural goods and solid minerals were valued at N1,467.41 billion, N920.54 billion and N71.38 billion in Q1 2024.

The development comes as Nigeria’s total imports stood at N12,643.23 billion in Q1 2024, representing an increase of 39.65 percent compared with the value recorded in Q4, 2023 (N9,053.78 billion).

Meanwhile, the country’s exports total N19,167.40 billion, reflecting a 51.00 percent increase compared to 12,693. 62 billion in Q4 2023.

Source:

Business – Daily Post Nigeria