The NBS said that the value of Nigeria’s total imports stood at N12.643 billion in the first quarter of the year, representing an increase of 39.65% compared to the value recorded in Q4 2023 which was N9.053 billion, and a rise of 95.53% from the value recorded in the first quarter of 2023 which was N6.466 billion.
The National Bureau of Statistics (NBS) has revealed in its report that President Bola Tinubu’s government spent the sum of N920.54 billion on the importation of agricultural goods in the 2024 first quarter (Q1).
According to the Bureau, Nigeria’s agricultural goods importation in the quarter under review showed an increase of 29.45% when compared to N711.14 billion the country recorded in the fourth quarter (Q4) of 2023, and a 95.28% rise compared to N471.39 billion recorded in Q1 2023.
The report further stated that in Q1 2024, the Nigerian government spent a total of N4.445 billion on oil product importation, showing an increase of 32.90% from N3.344 billion recorded in Q4 2023 and a 48.28% rise from N2.998 billion recorded in Q1 2023.
The NBS said that the value of Nigeria’s total imports stood at N12.643 billion in the first quarter of the year, representing an increase of 39.65% compared to the value recorded in Q4 2023 which was N9.053 billion, and a rise of 95.53% from the value recorded in the first quarter of 2023 which was N6.466 billion.
The report reads, “The value of agricultural goods imported in Q1 2024 was N920.54 billion, reflecting an increase of 29.45% when compared to N711.14 billion in Q4 2023, and a 95.28% rise compared to N471.39 billion in Q1 2023.
“In Q1 2024, raw material imports were valued at ₦1,467.41 billion. This represents a 51.78% increase from ₦966.80 billion in Q4 2023 and a significant rise of 164.18% from ₦555.47 billion in Q1 2023.
“In the first quarter of 2024, solid mineral imports were valued at N71.38 billion. This represents a 21.15% increase from N58.92 billion in Q4 2023 and a 59.23% increase from N44.83 billion in Q1 2023.
“In the reviewed quarter, the value of imported manufactured goods was N5.738 billion, reflecting a 44.47% increase from ₦3.971 billion in Q4 2023 and a 139.47% rise from N2.396 billion in Q1 2023.
“The value of other oil products imports in Q1,2024 stood at N4.445 billion showing an increase of 32.90% from N3.344 billion in Q4 2023 and a 48.28% rise from N2.998 billion in Q1 2023.”
The NBS said that in the first quarter of the year under review, China ranked highest among the top trading partners on the import side, followed by India, the United States of America, Belgium, and The Netherlands.
According to the Bureau, the most traded commodities were fuel, Gas oil, Durum wheat (Not in seeds), Cane sugar meant for sugar refinery, and other liquefied petroleum gases and other gaseous hydrocarbons.
Follow the Sahara Reporters channel on WhatsApp: https://whatsapp.com/channel/0029VaFClvtH5JM6SSsP7M2Y