‘Nigeria imported N12.48tr worth of petrol in 2024’
Nigeria imported petrol worth N12.48tr in 2024, analysis of Foreign Trade Statistics Report produced by the National Bureau of Statistics (NCS) has shown. This means that the country imported an average of N1tr worth of the products in each month of the year with Belgium accounting for over N3.69tr of the products. The analysis of […]
Nigeria imported petrol worth N12.48tr in 2024, analysis of Foreign Trade Statistics Report produced by the National Bureau of Statistics (NCS) has shown.
This means that the country imported an average of N1tr worth of the products in each month of the year with Belgium accounting for over N3.69tr of the products.
The analysis of the report showed that N2.63tr of the products was imported in the first quarter of 2024 followed by N3.22tr in the second quarter; N3.32tr in the third quarter and N3.3tr in the fourth quarter.
The report also showed that the country conducted trade worth N138tr with other foreign countries out of which N60.5tr was spent on imports while N77. 4tr was spent on export.
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It also stated that Nigeria recorded a trade surplus of N16.8tr.
While the report stated that the importation of PMS was the highest imported product, on the exporting side crude oil was the highest with a total N55.28tr sold.
A breakdown showed N15.48tr of the commodity was sold in the first quarter followed by N12.6tr in the second quarter, N13.4tr in the third quarter and N13.7tr in the fourth quarter.
It added that Europe was the major destination of Nigerian products with goods worth N34.14tr trade with the bloc while Asia was second with goods worth N20.6tr and America with goods worth N13.43tr.
On the exporting side, Nigeria brought in goods most from Asia, worth N29.12tr followed by Europe with N22.8tr and America with N6.26tr.
Importation of agriculture products increased by 53% in Q4
Analysis of data for the fourth quarter showed the value of agricultural goods imported was N1tr, reflecting an increase of 53.35 per cent compared to N711.14bn in Q4 2023 and an increase of 23.61 per cent when compared to N882.24bn.
The report stated that raw material goods import was valued at N2,1tr, representing a rise of 118.17 per cent from N966.8bn billion in Q4 2023 and a 33.53 percent increase from N1.579.5bn in the preceding quarter (Q3 2024).
Total trade in Q4 rises to N26.6tr
The report added that Nigeria’s total trade stood at N36.6tr in Q4, 2024, represents an increase of 68.32 per cent compared to the value (N21.74tr) recorded in the corresponding period of 2023 and a rise of 2.20 per cent over the value recorded in the preceding quarter (N35.81tr).
“In the quarter under review, exports accounted for 54.68 percent of total trade with a value of N20tr, showing an increase of 57.67 per cent rise over the value recorded in the fourth quarter of 2023 (N12.69tr) and a decrease of 2.55 per cent compared to the value recorded in Q3 2024 (N20.53tr).
“Nigeria’s exports trade continued to be dominated by crude oil in the fourth quarter of 2024, which was valued at N13.78tr representing 68.87 per cent of total exports while the value of non-crude oil exports stood at N6.23tr accounting for 31.13 per cent of total exports; of which non-oil products contributed N2.84tr or 14.20 per cent of total exports,” it said.