The Foreign Trade Statistics Report produced by the National Bureau of Statistics (NCS) has shown that Nigeria imported petrol worth N12.48 trillion in 2024.
A breakdown of the data shows that the country imported an average of N1 trillion worth of petrol every month of the year with Belgium accounting for over N3.69 trillion of the products.
The analysis of the report showed that N2.63 trillion of the products was imported in the first quarter of 2024 followed by N3.22 trillion in the second quarter; N3.32 trillion in the third quarter and N3.3 trillion in the fourth quarter.
The NBS report also showed that the country carried trade worth N138 trillion with other foreign countries out of which N60.5 trillion was spent on imports while N77. 4 trillion was spent on export.
It also stated that Nigeria recorded a trade surplus of N16.8 trillion.
While the report stated that petrol was the highest imported product, on the exporting side crude oil was the highest with a total N55.28 trillion sold.
A breakdown showed N15.48 trillion of the commodity was sold in the first quarter followed by N12.6 trillion in the second quarter, N13.4 trillion in the third quarter and N13.7 trillion in the fourth quarter.
It added that Europe was the major destination of Nigerian products with goods worth N34.14 trillion trade with the bloc while Asia was second with goods worth N20.6 trillion and America with goods worth N13.43 trillion.
On the exporting side, Nigeria brought in goods most from Asia, worth N29.12 trillion followed by Europe with N22.8 trillion and America with N6.26 trillion.
Importation of agriculture products also increased by 53 per cent in Q4
Analysis of data for the fourth quarter showed the value of agricultural goods imported was N1 trillion, reflecting an increase of 53.35 per cent compared to N711.14 billion in Q4 2023 and an increase of 23.61 per cent when compared to N882.24 billion.
The report stated that raw material goods import was valued at N2,1 trillion, representing a rise of 118.17 per cent from N966.8 billion billion in Q4 2023 and a 33.53 percent increase from N1.579.5 billion in the preceding quarter (Q3 2024).
The report added that Nigeria’s total trade stood at N36.6 trillion in Q4, 2024, represents an increase of 68.32 per cent compared to the value (N21.74 trillion) recorded in the corresponding period of 2023 and a rise of 2.20 per cent over the value recorded in the preceding quarter (N35.81 trillion).
