According to the country’s bureau of statistics’s latest report on foreign trade in goods, Nigeria’s imports from Asia in the second quarter of 2024 totaled ₦5,580.60 billion, accounting for 44.74% of the total.
During the same period, imports from Europe accounted for ₦4,934.03 billion (39.56%), America accounted for ₦1,337.28 billion (10.72%), and Africa accounted for ₦555.48 billion (4.45%). ECOWAS countries accounted for ₦166.37 billion (1.33%) of total imports, while Oceania accounted for ₦66.14 billion (0.53%).
However, outside of continental regions import volume for specific countries stood out. The top 5 countries Nigeria imported goods from accounted for a whopping 59.18% of the money the country spent importing goods.
The report also revealed that in the period under review the total goods traded by the West African country stood at ₦31,892.46 billion, a 3.76% reduction from the previous quarter but a 150.39% increase from the same period in 2023.
With that said, here are the 5 African countries Nigeria spent the most money on buying their products.
Top 5 countries Nigeria spent the most money on in Q2 2024
Rank | Country | Import value | Import % |
---|---|---|---|
1. |
China |
N3,030.33 billion |
24.29% |
2. |
Belgium |
N1,790.10 billion |
14.35% |
3. |
India |
N1,059.58 billion |
8.49% |
4. |
United States of America |
N917.84 billion |
7.36% |
5. |
Netherlands |
N585.30 billion |
4.69% |