Nigeria Spends N1.48trn On Raw Material Imports In Q2

Foreign Trade in Goods Statistics” for Q2 2024, revealing a sharp rise in the value of imported raw materials. The report shows that imports reached N1.482 trillion in Q2 2024, a significant increase from N567.80 billion in Q2 2023, largely due to the depreciation of the naira.

On a quarter-on-quarter (QoQ) basis, the value of imported raw materials rose marginally by 0.96% from N1.467 trillion in Q1 2024.

Conversely, the value of raw material exports in Q2 2024 was N366.91 billion, a substantial rise of 151.96% compared to N145.62 billion in Q2 2023 and a 4.01% increase from N352.75 billion in Q1 2024.

The report highlighted key imported raw materials during the period, including cane sugar for sugar refineries, powdered milk preparations containing vegetable fats and oils, and glutamic acids and salts.