Nigeria's Top Ten Import Trading Partners in 2023

Taking a critical look at global trade at this time of innovative technological advancement, we   quickly will realise the stretching interconnectedness that keeps the world together as countries globally still greatly depend on each other to access goods not produced in their territory, and this is now made even easier with the rapid growth and sporadic rise of the e-commerce industry. Globalisation has come to stay and for a country like Nigeria with a consumption economy, partnering with other countries to meet the consumption demand of its teeming population has become a necessity.

In the second quarter of 2023, Nigeria's total trade stood at $15 billion (₦12.7 trillion), with total imports at a whopping $6 billion (₦5.7 trillion). Within this period, total imports increased by 2.99% compared to the value recorded in the first quarter of 2023 but declined by 10.37% when compared to the value recorded in the corresponding quarter of 2022 which is about $6 billion (NGN6.3 trillion).

Nigeria's Top Ten Imports Partners

In terms of import cost, insurance, and freight (CIF), In the second quarter of 2023, the top five partner countries' origin of imports to Nigeria are; 

1. China: With about $1 billion (₦1 trillion), equivalent to 22.17% of the import share, China remains at the top as Nigeria's number one import partner. Top products imported from China include electrical and electronic equipment, machinery, organic chemicals, plastics, fertilizers, technical and medical equipment, iron and steel, vehicle Parts and vehicles, phones and phone accessories, fashion and beauty products, and health products.

2. United States of America: In second place is the United States of America, with a total of $1 billion (₦900 billion), the equivalent of 16.09% import shares. Some products imported from the USA to Nigeria include nuclear reactors, vehicles, electrical and electronic equipment, plastics and articles, iron or steel, and chemical products.

3. Belgium: With a total of $575 million (₦46o billion), Belgium is third on the list, with an equivalent of 8.04% market share. Some products imported into Nigeria from Belgium include steel, textiles, chemicals, glass, paper, cobalt, petroleum products, durum wheat, and used vehicles. 

4. India: With an estimated value of $521 million (₦417 billion), the equivalent of 7.30%, India is the fourth biggest Nigeria's import trading partner. Some products imported into Nigeria from India include refined petroleum, packaged medicaments, and motorcycles. Rice and sugar dominate India's export basket to Nigeria, with the United States of America and Brazil as prominent competitors in this sector.

5. The Netherlands: With an estimated value of $461 million (₦369 billion), the equivalent of 6.46%, the Netherlands is Nigeria's fifth biggest import partner. The main products exported to Nigeria are refined petroleum, non-fillet frozen fish, and concentrated milk. 

Apart from the five countries listed above, Nigeria's other import trading partners include; 

1. Malta: Some products imported from Malta are cement, asbestos, pearls, precious stones, metals, knit or crocheted textiles, electronics, and pharmaceuticals.

2. South Korea: Over the years, Nigeria and South Korea have developed a friendly economic relationship which has fostered the exchange of goods and value between the two countries. Some goods imported into Nigeria from South Korea include machinery, nuclear reactors, boilers, vehicles, paper, paper boards, and electrical electronic equipment.

3. Brazil: As of 2021, Brazil and Nigeria's trade relations recorded an estimated $ 271.51 billion in import earnings. While Brazil pocketed $ 219.41 billion, Nigeria recorded earnings of $52.1 billion out of the trade activities. The main products Brazil exports to Nigeria are raw sugar, aircraft, spacecraft, and alcohol. 

4. United Kingdom: Nigeria's imports from The United Kingdom amounted to £4.0 billion in the four quarters to the end of Q2 2023 (an increase of 11.3% or £406 million in current prices). Products imported by Nigerians from the United Kingdom includes coffee, tea, spices, fruits and nuts, yarn, twine, vehicles, electrical and and electronics equipment. 

5. Russia: The United Nations COMTRADE database on international trade, reports that Nigeria's imports from Russia reached an estimated US$2.09 billion in 2021; the main products exported from Russia to Nigeria were refined petroleum, wheat, and potassic fertilizers and vehicles.

Africa's biggest economy relies heavily on importation for many goods consumed. While Nigeria is still on the path to moving from a consumption economy to a production economy, it is essential to be in a position where one can leverage the economic opportunities presented by the trade relationship that exists between Nigeria and these countries.

If importation is your next move, contact SARA PROCUREMENT SERVICES LIMITED for a seamless importation process. 

Visit our physical office space at 3 Fatai Irawo Street, Ajao Estate, Airport Road, Lagos, Nigeria, or any of our warehouse touch point locations worldwide to learn more about us and utilize our services. 

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