Nigeria’s import bill grows 17.3% in Q3 2021
By Jeph Ajobaju, Chief Copy Editor
Imports rose to N8.15 trillion in Nigeria in the third quarter of 2021 (Q3 2021), 51.5 per cent above N5.38 trillion in Q3 2020. They surged 17.3 per cent against Q2 2021
Overall, foreign trade soared to a record N13.28 trillion in Q3 2021, a 58.6 per cent rise on N8.38 trillion in Q3 2020, according to the latest figures released by the National Bureau of Statistics (NBS).
Exports jumped 71.4 per cent to N5.1 trillion against N2.99 trillion in Q3 2020. But they rose a mere 1 per cent compared with N5.08 trillion in Q2 2021.
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All key metrics
- Total Imports worth N8.15 trillion in Q3 2021 were 17.32 per cent above Q2 2021 and 51.47 per cent higher than Q3 2020.
- Imported Agricultural goods notched up 21.01 per cent above Q2 2021 and 56.74 per cent over Q3 2020.
- Raw Material imports reached 9.08 per cent over Q2, 2021 and 29.06 per cent greater than Q3 2020.
- Solid Minerals imports in Q3 2021 rose 10.93 per cent on Q2 2021 and 53.42 per cent on Q3 2020.
- Total Exports stood at N5.13 trillion in Q3 2021, a 1 per cent increase over Q2 2021 and 71.38 per cent over Q3 2020.
- Agricultural goods exports in Q3, 2021 were 5.9 per cent less than Q2 2021 but 31.0 per cent higher than Q3 2020.
- Raw Material exports rose 135.2 per cent in Q3 2021 against Q2 2021 and 1,241.1 per cent against Q3 2020.
- Solid Minerals exports in Q3 2021 jumped 22.7 per cent compared with Q2 2021 and 222.8 per cent on Q3 2020.
Nairametrics reports that Nigeria’s foreign trade deficit continued for the eight consecutive quarter, reaching a negative trade balance of N3.02 trillion in Q3 2021 against N1.87 trillion Q2 2021.
Crude oil accounted for 78.48 per cent of total exports of N4.06 trillion, followed by liquefied natural gas worth N487.5 billion or 9.5 per cent.
Petrol imports totalled N1.05 trillion, 12.91 per cent of the total.
The top five export trading partners in Q3 2021 were India (N758.1 billion), Spain (N627.01 billion), Italy (N446.04 billion), France (N363.23 billion), and The Netherlands (N242.49 billion).
The top five import trading partners were China (N2.44 trillion), India (N710.35 billion), the United States (N599.12 billion), The Netherlands (N554.23 billion), and Belgium (N434.12 billion).
Pressure on naira
Nigeria has a negative trade balance because it continues to spend more on importing foreign products at the expense of scarce foreign currency while export value is not growing at the same pace.
This affects the balance of payments and by extension puts more pressure on the naira against other currencies.
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