In the first half of 2019, China consolidated on its position as the source of the bulk of Nigeria’s imports. Nigeria spent NGN 1.9 Tn on imports from China during that time.
This is according to the latest foreign trade report released by the National Bureau of Statistics (NBS).
According to the report, Nigeria almost doubled total imports from China as goods imported from the country rose by 88 percent in H1 2019.
Which Country is Nigeria’s Largest Import Source?
In actual numbers, Nigeria’s import from China rose from NGN 1.06 Tn in the first half of 2018 to NGN 1.99 Tn in the same period in 2019.
This means that China remains the major source of Nigeria’s imports with items like motorcycles, mobile phones, and natural rubber among the products imported from the Asian country.
Which Country Is Nigeria’s Largest Export Market?
On the other hand, the latest data from the NBS also shows that another country in Asia currently tops the charts in the area of Nigerian exports to other countries.
India is currently Nigeria’s largest export market, accounting for NGN 793.9 Bn worth of exports in the second quarter of 2019.
Other Major Import Sources
In the first half of 2019, Nigeria’s top import sources other than China include the U.S (NGN 747 Bn), India (NGN 242 Bn), Netherlands (NGN 524 Bn) and Belgium (NGN 387 Bn). In total, imports into Nigeria in H1 2019 equaled NGN 5.71 Tn.
Other import sources for Nigeria include the U.K. (NGN 159.5 Bn), Germany (NGN 131.7 Bn). Benin Republic (NGN 130.8 Bn), South Korea (NGN 98.5 Bn), and France (NGN 80.7 Bn).
Other Major Export Markets
While Nigeria’s imports soared to a high in H1 2019, the NBS report has it that Nigeria also exported goods worth NGN 6.56 Tn to its top ten export markets during the same period.
In total, Nigeria’s exports in H1 2019 amounted to NGN 7.71 Tn, meaning that the country’s top ten export destinations weighed in with as much as 85 percent of the total export value.
Besides India which, according to NBS data, currently accounts for over 17 percent of Nigeria’s total exports, other top export markets for Nigeria in Q2 2019 include;
- Spain (N550.1 Bn)
- The Netherlands (NGN 478.3 Bn)
- U.S.A (NGN 353.1 Bn)
- France (NGN 279.9 Bn)
- Italy (NGN 279.6 Bn)
- South Africa (NGN 213.1 Bn)
- U.K ( NGN 165.5 Bn)
- China (NGN 157.1 Bn)
- Brazil (NGN 155.4 Bn)