Nigeria’s imports rise N8.57 %, exports decrease 2.55%
By Jeph Ajobaju, Chief Copy Editor
Nigeria’s exports decreased 2.55 per cent to N20,014.33 billion in the fourth quarter of 2024 (Q4 2024) from N20,537.17 billion in Q3 2024, according to the latest figures released by the National Bureau of Statistics (NBS).
In contrast, imports rose 8.57 per cent to N16,590.51 billion in Q4 2024 against N15,281.18 billion in Q3 2024.
NBS foreign trade data for Q4 2024 shows that Nigeria’s combined exports and imports stood at N36,604.83 billion in Q4 2024, a rise of 2.20 per cent compared to N35,818.35 billion in Q3 2024.
The NBS said the most exported goods in Q4 included crude oil, liquefied natural gas, other petroleum gases in gaseous state, superior quality cocoa beans, and urea, whether or not in aqueous solution.
The most imported goods in Q4 were motor spirit ordinary, gas oil, and cane sugar meant for sugar refineries. parts of airplanes, helicopters, or unmanned aircraft, as well as photovoltaic cells not assembled in modules or made up into panels.
Nigeria’s top five export destinations in Q4 2024 were The Netherlands, France, Spain, India, and Indonesia.
The top five import sources in Q4 were China, India, Belgium, the United States, and France.
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