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From Isaac Anumihe, Abuja
Nigeria’s total imports in the second quarter of 2024, stood at N12,473.53 billion representing a decrease of 10.71 per cent compared with the value recorded in Q1, 2024 (N13.970.05 billion) and a rise of 97.93 per cent from the value recorded in the corresponding quarter of 2023 (N6,301.95 billion). This is as China remains the highest trading partner on imports.
The data obtained from National Bureau of Statistics (NBS) also said that the total merchandise trade in the same period under review, stood at N31,892.46 billion thus representing a decrease of 3.76 per cent
In the second quarter of 2024, China remains Nigeria’s highest trading partner on the import side, followed by Belgium, India, United States of America, and The Netherlands. The most traded commodities during the quarter were motor spirit ordinary, gas oil, durum wheat, butanes and cane sugar meant for sugar refinery.
The value of agricultural goods imported in Q2 2024 was N893.25 billion, reflecting a decrease of 2.96 per cent when compared to N920.54 billion in Q1 2024, and an increase of 96.38 per cent compared to N454.85 billion in Q2 2023.
In Q2 2024, raw material imports were valued at N1,481.50 billion. This represents a 0.96 per cent increase from N1,467.41 billion in Q1 2024 and a significant rise of 160.92 per cent from N567.80 billion in Q2 2023.
Equally, in the second quarter of 2024, solid mineral imports were valued at N96.80 billion. This represents a 35.61 per cent increase from N71.38 billion in Q1 2024 and a 206.08 per cent increase from N31.63 billion in Q2 2023.
Also, in the reviewed quarter, the value of imported manufactured goods was N5,576.67 billion, reflecting a 2.82 per cent decline from N5,738.32 billion in Q1 2024 and an 84.67 per cent rise from N3,019.78 billion in Q2 2023.
The value of other oil products imports in Q2, 2024 stood at N4,425.31 billion showing a decrease of 23.34 per cent from N5,772.35 billion in Q1 2024 and a 98.64 per cent rise from N2,227.84 billion in Q2 2023.
Meanwhile, Nigeria’s total merchandise trade stood at N31,892.46 billion in Q2, 2024 representing a decrease of 3.76 per cent over the value recorded in the preceding quarter and a rise of 150.39 per cent compared to the value recorded in the corresponding period of 2023.
In the quarter under review, exports accounted for 60.89 per cent of total trade with a value of N19,418.93 billion, showing a marginal increase of 1.31 per cent compared to the value recorded in Q1 2024 (N19,167.36) and a 201.76 per cent rise over the value recorded in the second quarter of 2023 (N6,435.13).
Nigeria’s exports trade continued to be dominated by crude oil exports, in the second quarter of 2024, crude oil export was valued at N14,559.56 billion representing 74.98 per cent of total exports while the value of non crude oil exports stood at N4,859.37 billion accounting for 25.02 per cent of total exports; of which non-oil products contributed N1,944.25 billion or 10.01 per cent of total exports.
Similarly, the total trade value recorded for the solid minerals’ goods in Q2, 2024 stood at N155.36 billion, representing 0.49 per cent of total trade of which exports of solid minerals stood at N58.56 billion. The value represents a decrease of 7.65 per cent compared to the value recorded in Q1, 2024 (N63.41 billion) but increased by 71.79 per cent compared to the corresponding quarter of 2023 (N34.09 billion).
The report also noted that the major goods exported in the solid mineral sector were ‘tin ores and concentrates’ to China, valued at N13.83 billion, followed by ‘cement clinkers’ worth N9.14 billion to Cameroon. On the other hand, solid mineral imports were dominated by ‘plasters’ imported from Egypt and Tunisia worth N21.06 and N4.95 billion respectively.
“The value of manufactured goods traded in Q2, 2024 stood at N6,057.49 billion representing 18.99 per cent of total trade. Of this, the export of manufactured goods stood at N480.82 billion. The major export in this sector was ‘Unwrought aluminium alloys’ exported to Japan and China in values worth N82.74 billion and N16.02 billion respectively. This was followed by ‘floating or submersible drilling or production platforms’ valued at N81.69 billion to Namibia and ‘vessels and other floating structures for breaking up.’ exported to Cameroon and Togo valued at N20.43 billion and N16.59 billion respectively. The data revealed that manufactured goods exports by region were mainly exported to Africa at N225.87 billion, followed by exports to Asia valued at N156.07 billion and to America valued at N56.24 billion.
Manufactured goods mainly imported were ‘used vehicles, with diesel or semidiesel engine, of cylinder capacity 2500cc’ from the United States and United Arab Emirates valued at N102.97 billion, and N7.57 billion, respectively,” the report said.
In the same vein, the value of total trade in agricultural goods in Q2, 2024 stood at N1,866.93 billion of which exports were valued at N973.69 billion. In the period under review, exports of agricultural goods decreased by 5.93 per cent over the value recorded in Q1, 2024 (N1,035.02 billion) and increased by 246.67 per cent compared to the value recorded in Q2, 2023 (N280.87 billion). The data showed that agricultural commodities exported to Asia were valued at N592.99 billion, followed by exports to Europe at N310.26 billion. Export of agricultural products was dominated by superior quality cocoa beans,’ with N268.92 billion, ‘cashew nuts in shell’ valued at N209.80 billion, ‘and ‘standard quality cocoa beans’ with N107.27 billion.
Further analysis showed that ‘superior quality cocoa beans’ worth N131.24 billion and N108.17 billion were exported to Malaysia and Netherlands, respectively while ‘cashew nuts in shell,’ worth N157.40 billion and N48.06 billion were exported to Vietnam, and India respectively whereas ‘standard quality cocoa beans’ worth N36.53 billion and N22.92 billion were exported to Malaysia and Turkey, respectively.
“On the other hand, total imports of agricultural goods in Q2, 2024 stood at N893.25 billion or 7.16 per cent of total imports. This is a decrease of 2.96 per cent when compared to the value recorded in Q1, 2024 (N920.54 billion) and by rose 96.38 per cent when compared to the value recorded in Q2, 2023 (N454.85 billion).
The major agriculture goods imported in Q2, 2024 included ‘durum wheat’ from Poland valued at N155.32 billion and Lithuania with N76.89 billion” the data further explained.
