The total value of imports stood at N12.47 trillion, accounting for 39.11% of the country’s merchandise trade.
This marked a 10.71% decrease from the N13.97 trillion recorded in Q1 2024 but still showed a 97.93% increase from the N6.30 trillion recorded in Q2 2023.
Despite this decline, Nigeria’s key import partners, including China, Belgium, India, and the United States, continued to supply a range of products, with motor spirit, gas oil, durum wheat, and cane sugar among the most traded commodities.
Based on the latest data from the National Bureau of Statistics (NBS), here are the top 10 most imported products in Nigeria:
10. Other Lubricating Oils
Although it was not among the list of top products imported in the previous quarter, it is among the top 10 for Q2 2024.
- Lubricating oils are essential for machinery and vehicle maintenance, reducing friction and wear in engines and other mechanical systems.
- Nigeria imported N89.53 billion worth of these oils, making up 0.72% of the world’s total imports in this category.
9. Machines for Reception, Conversion, and Transmission of Data
This category includes devices used in telecommunications, broadcasting, and data transmission, such as routers, switches, and network systems.
- The value dropped from N148.24 billion in Q1 2023 to N94.49 billion in Q2 2024, reflecting a 37.97% decrease.
- This could indicate either a slowdown in the expansion of telecom infrastructure or improved local production and assembly of such machines.
8. Other Medicaments Not Elsewhere Specified
Medicaments refer to pharmaceutical products that are not otherwise classified, including over-the-counter drugs and specialized treatments.
- Nigeria’s import of these medical supplies grew from N90.96 billion in Q1 2023 to N106.32 billion in Q2 2024, representing a 17.05% increase.
- This rise shows Nigeria’s reliance on imported pharmaceutical products to meet the healthcare needs of its population.
7. Other Herbicides, Antisprouting Products, and Planting Goods
These imports include herbicides and other chemicals used in agriculture to control weeds and improve crop yields.
- Nigeria’s imports increased from N100.03 billion in Q1 2023 to N117.00 billion in Q2 2024, marking a 20.03% increase.
- This rise suggests a growing demand for agricultural chemicals, likely driven by the need to improve crop yields and manage weeds in Nigeria’s agriculture sector.
6. Used Vehicles with Diesel Engines (>2500cc)
Used vehicles, particularly those with large diesel engines, are a significant import for Nigeria. Nigeria’s imports of these vehicles surged, rising from N93.91 billion in Q1 2023 to N130.84 billion in Q2 2024, an increase of 39.27%.
- This sharp rise reflects the continued demand for used diesel vehicles in Nigeria, which are often more affordable than new cars.
5. Cane Sugar Meant for Sugar Refinery
Cane sugar is a key ingredient in Nigeria’s food and beverage industry. Imports of raw cane sugar, meant for refining, dropped from N235.85 billion in Q1 2023 to N188.76 billion in Q2 2024, marking a 19.78% decrease.
- This reduction may point to increased local sugar refining capacity or lower demand for refined sugar due to economic adjustments or shifts in consumption habits within the food and beverage industry.
- However, the importation of sugar continues to be critical for meeting the needs of Nigeria’s confectionery and beverage sectors, as it made up 1.51% of total imports.
4. Butanes
Nigeria’s imports of butanes increased from N168.75 billion in Q1 2023 to N294.30 billion in Q2 2024, marking a 72.93% increase.
Butane, which accounted for 2.36% of Nigeria’s imports, is commonly used in heating, cooking, and as fuel for vehicles.
The rise in butane imports could suggest higher energy demand from households and industries or a shift from traditional energy sources towards more efficient and cleaner fuels.
3. Durum Wheat
Nigeria’s imports of durum wheat, essential for the production of flour, bread and pasta, saw a notable reduction.
- The import value decreased from N519.75 billion in Q1 2023 to N414.69 billion in Q2 2024, reflecting a 21.17% decrease.
- This decline might be due to various factors, such as shifts in the global wheat supply, higher domestic production efforts, or reduced demand for wheat-based products.
- It made up 3.32% of total imports, showing the country’s reliance on international markets for this agricultural commodity.
2. Gas Oil
Gas oil, commonly referred to as diesel, is crucial for transportation and powering industrial machinery.
- The import value of gas oil dropped sharply from N1.20 trillion in Q1 2023 to N688.87 billion in Q2 2024, resulting in a 42.41% decrease.
- It made up 5.52% of total imports in the quarter under review. The Dangote refinery which commenced operations in March supplied diesel and aviation jet fuel in April, leading to a crash in diesel prices in Nigeria.
1. Motor Spirit, Ordinary
Ordinary motor spirit, or petrol, is Nigeria’s most imported product. The value of imports increased from N2.63 trillion in Q1 2023 to N3.22 trillion in Q2 2024, representing a 22.34% increase.
- It also accounts for 25.83% of global imports of motor spirit into Nigeria.
- This rise highlights Nigeria’s continued dependence on refined petroleum products, particularly petrol, despite being a major producer of crude oil.
- The increase in petrol imports can be attributed to insufficient local refining capacity, leading to a higher reliance on international markets to meet domestic fuel demand.