Nigeria’s top five import destinations revealed

The National Bureau of Statistics has revealed Nigeria’s top five import destinations in the second quarter of 2024.

According to NBS foreign trade data for Q2 2024, China is Nigeria’s highest trading partner on the import side, followed by Belgium, India, United States of America, and The Netherlands.

The data showed that the most traded commodities during the quarter were Motor spirit ordinary, oil, Durum wheat, Butanes and Cane sugar meant for sugar refinery.

The value of total imports in the period under review stood at N12,473.53 billion.

This represents a decrease of 10.71 percent compared with the value recorded in Q1, 2024 (N13.970.05 billion) and a rise of 97.93 percent from the value recorded in the corresponding quarter of 2023 (N6,301.95 billion).

Conversely, Nigeria’s total exports in Q2 2024 were valued at N19,418.93 billion, reflecting a 1.31 percent increase compared to N19,167.36 billion in Q1 2024 and a 201.76 percent rise compared to N6,435.13 billion in Q2 2023.

Earlier, DAILY POST reported that Nigeria’s trade surplus stood at N6.95 trillion in Q2 2024.