Africa’s largest economy relies significantly on imports for many of its products, especially petroleum products. Its main exports are agricultural items, crude oil, and natural gas.
The country’s total imports for the three-month (Q1 2024) period were ₦12,643.23 billion, according to a report by the National Bureau of Statistics (NBS). This represents a 39.65% increase from ₦9,053.78 billion in Q4 2023
From fuel and agricultural products to industrial machinery and telecommunication equipment, these imports play a vital role in the nigeria’s economy.
1. Motor Spirit (Ordinary)
Motor spirit, commonly known as petrol, remains Nigeria’s most imported commodity. In Q1 2024, imports of motor spirit were valued at ₦4,436.59 billion, a 32.90% increase from ₦3,344.93 billion in Q4 2023.
The high demand for petrol is driven by the country’s reliance on generators for electricity and the extensive use of vehicles, underscoring ongoing challenges with domestic refining capacity and the need to import refined petroleum products.
2. Gas Oil
Gas oil, or diesel, follows closely with significant import values. The need for diesel is fueled by its usage in powering industrial machinery, trucks, and generators. In Q1 2024, the value of gas oil imports was substantial, reflecting its vital role in supporting Nigeria’s industrial and transportation sectors.
3. Durum Wheat
Durum wheat, primarily used for flour production, ranks high among Nigeria’s imports. In Q1 2024, the value of durum wheat imports stood at ₦228.89 billion, showing an 18.75% increase from ₦192.76 billion in Q4 2023. This wheat variety is essential for producing staple foods such as bread and pasta, underscoring Nigeria’s dependence on agricultural imports to meet its food processing needs.
4. Sugar Cane (Meant for Sugar Refinery)
Cane sugar, designated for sugar refineries, is another key import. Nigeria imports large quantities of raw sugar for local refining, which supports its confectionery and beverage industries. In Q1 2024, cane sugar imports from Brazil alone were valued at ₦235.85 billion, reflecting a 22.50% increase from ₦192.57 billion in Q4 2023. This highlights the significant role of sugar in the food and beverage sector.
5. Other Liquefied Petroleum Gases and Gaseous Hydrocarbons
Liquefied petroleum gases (LPG) and other gaseous hydrocarbons are vital imports for household cooking and industrial use. The importation of these gases, valued at ₦150.76 billion in Q1 2024, highlights efforts to diversify energy sources and promote cleaner fuels over traditional biomass.
6. Blue Whitings (Frozen)
Blue whitings, a type of fish, are imported primarily to meet the demand for affordable protein sources. In Q1 2024, Nigeria imported frozen blue whitings worth ₦16.67 billion from the Netherlands. This underscores the significant role of seafood in the Nigerian diet and the need to supplement domestic fish production to meet consumption demands.
7. Machines for Reception, Conversion, and Transmission of Voice
Telecommunication equipment, including devices for receiving, converting, and transmitting voice, images, or data, is crucial for Nigeria’s growing ICT sector. The import value of these machines in Q1 2024 was ₦129.34 billion. This highlights ongoing investments in infrastructure to support digital transformation and connectivity.
8. Heat Exchange Units
Heat exchange units, essential for various industrial processes, represent a significant import category. These units, valued at ₦91.29 billion in Q1 2024, are used in manufacturing, energy production, and HVAC systems. Their importation reflects the importance of maintaining and upgrading industrial operations in Nigeria.
9. Herbicides
Agricultural chemicals, including herbicides and plant growth regulators, are vital for Nigeria’s agricultural sector. The import value of these products in Q1 2024 was ₦97.89 billion, indicating the need to enhance crop yields and manage pests effectively. This supports food security and agricultural productivity.
10. Motorcycles and Cycles with Auxiliary Motors
Motorcycles and cycles fitted with auxiliary motors are essential for transportation, especially in rural and semi-urban areas. The importation of these vehicles in Q1 2024 was valued at ₦73.59 billion, highlighting their role in providing affordable and accessible mobility solutions for Nigerians.
Market Dynamics
Foreign trade reports from the National Bureau of Statistics (NBS) indicate that Nigeria exported agricultural goods valued at N1.23 trillion in 2023. This marks a significant increase of 53% compared to the N583.3 billion recorded in 2022. The surge is likely attributed to the substantial devaluation of the naira in 2023, which boosted the value of total exports in naira terms.