Nigeria's top 5 trading partners for import Q1 in 2024


Nigeria's top 5 trading partners for import Q1 in 2024

Nigeria's top 5 trading partners for import Q1 in 2024
Nigeria's top trading partners global financial forecasting

Nigeria's top five trading partners for import in Q1 2024 were :

1. China:

Nigeria's top trading partner for imports, with a total import value of N2,930.10 billion, representing 23.18% of total imports.

2. India:

India was the second-largest import partner, with total imports valued at N1,070.23 billion, making 8.46% of total imports.

3.  United States of America:

Total imports from the United States of America were valued at N1,009.22 billion or 7.98% of Nigeria's total imports.

4. Belgium:

Total imports from Belgium were valued at N955.97 billion, making 7.56% of Nigeria’s total imports.

5. The Netherlands:

Total imports from the Netherlands were valued at N591.55 billion or 4.68% of total imports into the country.

Other Nigeria's top trading partners

Below is a list showcasing 15 of Nigeria’s top trading partners, countries that imported the most Nigerian shipments by dollar value during 2024. Also shown is each import country’s percentage consumption of total Nigerian exports.

India: US$8.4 billion (15.9% of total Nigerian exports)

Netherlands: $5.7 billion (10.7%)

Spain: $5.4 billion (10.1%)

France: $4.2 billion (7.9%)

South Africa: $3.4 billion (6.4%)

United States: $3.2 billion (6.1%)

Indonesia: $2.2 billion (4.2%)

Sweden: $2 billion (3.8%)

United Kingdom: $1.9 billion (3.6%)

Brazil: $1.7 billion (3.2%)

Italy: $1.6 billion (3%)

Canada: $1.5 billion (2.8%)

Côte d’Ivoire: $1.15 billion (2.2%)

Germany: $1.12 billion (2.1%)

Togo: $936.5 million (1.8%)

Over four-fifths (83.9%) of Nigerian exports in 2018 was delivered to the above 15 trading partners.

United States (down -37.8%) and Togo (down -6.1%) were the only top importers that decreased its purchases from Nigeria from 2017 to 2018. Among the other 13 countries, gains ranged from a minimum of 7.2% for Canada and 15.1% for India up to 134.2% for Sweden and 202.4% for Brazil.

Post a Comment