According to the NBS report, the top 5 import trading partners in Q1 ’24 were China with N2.9trn (23.2%), India N1.1trn (N8.5%), USA N1.0trn (8.0%), Belgium N955.9bn (7.6%) and Netherlands N591.5bn (4.7%). These countries collectively accounted for 52% of total imports in Q1 ‘24. Imports from ECOWAS stood at N113bn, representing 28% of total imports within Africa.
Manufacturing goods accounted for the largest share of imports, 45.4%, followed by other oil products 35.2%, raw material 11.6%, and agriculture 7.3% However, solid minerals registered a modest share of 0.5%, experiencing a notable growth in value of 59.2% y/y to N71.4bn in Q1 ’24.
