The National Bureau of Statistics (NBS) has said Nigeria spent N5.14 trillion on mineral fuels import in the third quarter of 2024.
This was contained in the agency’s document titled: Trade in Goods Statistics Q3 2024.
The document said, mineral fuels accounted for 35 per cent of the N14.674.05 trillion imported goods in the period under review.
NBS said: “During the third quarter of 2024, total imports were valued at N14.674.05 trillion, accounting for 41.73 per cent of total trade.
“Using the Standard International Trade classification, the top-ranked group import was ‘mineral fuels’ with N5,140.10 billion, representing 35.03 per cent of total imports”.
The document said this was followed by “machinery and transport equipment” with N3.782.19 trillion (25.77 per cent of total imports) and “Chemicals & related products” with N1.973.01 trillion (13.45 per cent of total imports).
The NBS said Nigeria imported goods, mainly from Asia, valued at N7.290.86 trillion, representing 49.69 per cent of total imports.
According to the document, this was followed by imports from Europe worth N5,355.92 trillion or 36.50 per cent; America with N1.440.79 trillion or 9.82 per cent, while imports from Oceania stood at N73.91 billion or 0.50 per cent in the third quarter of 2024.
The NBS said trade with African countries stood at N512.56 billion or 3.49 per cent of total imports; of which imports from ECOWAS countries amounted to N72.71 billion or 0.50 per cent of total imports.
The document said an analysis by trading partners revealed that imports from China were valued at N3.574.79 trillion, representing 24.36 per cent of total imports.
According to the NBS, this was followed by imports from India with N1.662.68 trillion (11.33 per cent of total imports); Belgium with imports valued at N1.632.89 trillion or 11.13 per cent of total imports; the United States of America with goods valued at N1.024.44 trillion (6.98 per cent of total imports), and goods from Malta valued at N766.81 billion or 5.23 per cent of total imports.
