Business Insider Africa reveals the top five countries from which Nigeria imports the most products, a compilation provided by the National Bureau of Statistics.
According to africa.businessinsider.com, This subject has been a bone of contention in the country, with some noting that an economy cannot function without importation and others arguing that Nigeria imports goods that can be produced locally.
Nonetheless, its relevance must be considered. As Africa’s largest market, it is paramount that goods are available, lest the population crumble under its own weight.
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.