Imports Skyrocket To N12 Trillion Under Tinubu’s Administration, Driven By Fuel And Food Products

Imports Skyrocket To N12 Trillion Under Tinubu’s Administration, Driven By Fuel And Food Products....KINDLY READ THE FULL STORY HERE▶

Written By Oshiobugie John

In the first quarter of 2024, total imports reached N12.64 trillion, marking a remarkable 39.65% increase from N9.05 trillion in the fourth quarter of 2023 and an impressive 95.53% rise from N6.47 trillion in the first quarter of 2023.

According to the latest Foreign Trade Statistics released by the NBS on Sunday, manufacturers in the country expended a significant N1.5 trillion on importing raw materials, while citizens contributed N920.54 billion towards the importation of agricultural goods. READ THE FULL ARTICLE HERE

The report highlights China as Nigeria’s primary import partner, accounting for 23.18% of the total imports. Other notable import contributors include India (8.46%), the United States (7.98%), Belgium (7.56%), and the Netherlands (4.68%).

Regarding agricultural imports, the value stood at N920.54 billion, reflecting a notable 29.45% increase from N711.14 billion in the fourth quarter of 2023 and a substantial 95.28% surge from N471.39 billion in the first quarter of 2023.

Similarly, imports of raw materials by manufacturers amounted to N1.47 trillion, witnessing a significant 51.78% surge from N966.80 billion in the fourth quarter of 2023 and an impressive 164.18% increase from N555.47 billion in the first quarter of 2023.

The report states, “The share of total imports accounted for 39.75 per cent of total trade in the first quarter of 2024 with the value of imports amounting to N12.64 trillion in Q1, 2024. This value indicates an increase of 39.65 per cent over the value recorded in Q4 2023 (N9.05 trillion) and rose by 95.53 per cent compared to the value recorded in Q1 2023 (N6.46 trillion). The merchandise trade balance for Q1 2024 stood positive at N6.5 trillion.”

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