Nigeria’s Q1 Imports Decline by 25.83%, Reaching N5.56 Trillion

Cash scarcity and naira redesign implementation impact business activities in the reviewed quarter

Nigeria experienced a significant decline of 25.83% in total imports during the first quarter (Q1) of 2023, dropping from N7.5 trillion in Q1 2022 to N5.56 trillion, according to the National Bureau of Statistics (NBS). Despite the decrease, the import figure for the last quarter surpassed the N5.36 trillion recorded in the fourth quarter of the previous year.
Nigeria's Q1 Imports Decline by 25.83%, Reaching N5.56 Trillion

The NBS, in its report on foreign trade in goods, revealed that Nigeria’s total trade in Q1 2023 amounted to N12.05 trillion, with exports estimated at N6.49 trillion and imports valued at N5.56 trillion.

The largest exported commodity category was “petroleum oils and oils obtained from bituminous minerals and crude,” valued at N5.15 trillion or 79.37% of the export value. Natural gas and liquefied products followed with N622.36 billion, accounting for 9.59% of the total export value.

The report indicated a 2% increase in total exports in Q1, but an 8.66% decline compared to the previous quarter in 2022.

Re-exports in the reviewed quarter amounted to N32.17 billion, representing 0.5% of total exports. The top five destinations for re-exports were Cameroun, Ghana, Equatorial Guinea, the United Kingdom, and Liberia. Notably, the most re-exported commodity was vessels and other floating structures for breaking up, valued at N21.07 billion, followed by light vessels, fire floats, floating cranes, and other unspecified vessels at N4.71 billion. Other instruments and appliances for surveying not specified accounted for N0.93 billion, while parts of work-trucks used in factories, warehouses, dock areas, or airports were valued at N0.85 billion.

Among the top export destinations in Q1 were the Netherlands with N837.65 billion (12.91% of total exports), the United States with N579.35 billion (8.93%), and Spain with N488.17 billion (7.53%). France followed closely with N487.34 billion (7.51%), while India ranked fifth with N456.69 billion (7.04%).

Imports to Nigeria in the first quarter of 2023 originated primarily from China, the Netherlands, Belgium, India, and the United States. The combined value of imports from these five countries reached N3.1 trillion, accounting for 55.78% of the total import value, as reported by the NBS.

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