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Nigerias importation allows the country to access a wide range of goods and products that may not be produced domestically. This includes machinery, technology, consumer goods, and specialized equipment. These imports support economic growth by providing the necessary inputs for various industries.
Owing to the aforementioned massive population, Nigeria’s importation volume is very substantial among African countries. Even quarterly volumes are noteworthy, with Q3 of 2023 being no exception.
According to the country’s National Bureau of Statistics, “the value of total imports stood at ₦8,457.68 billion in the third quarter of 2023, this represents an increase of 47.70% compared with the value recorded in Q2, 2023 (₦5,726.25 billion) and increased by 33.33% against the value recorded in the corresponding quarter of 2022 (₦6,343.53 billion).”
During the quarter, Nigeria imported a variety of goods, from agricultural products to raw materials and solid minerals, all sorts of products from numerous trade partners made it through Nigeria’s borders.
Some suppliers brought in more items than others, indicating a greater relationship with Nigeria. Below are the top 5 countries that Nigeria buys the most products from. This list shows the Q3 figures for 2023.
5 countries that Nigeria buys the most products from
| Rank | Country of Origin | % of Total import | Volume |
|---|---|---|---|
|
1. |
China |
23.33% |
N1,973.34 billion |
|
2. |
Belgium |
11.78% |
N996.65 billion |
|
3. |
India |
9.48% |
N802.07 billion |
|
4. |
Malta |
6.64% |
N561.37 billion |
|
5. |
USA |
5.95% |
N502.92 billion |
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