…N6.85 Trillion Worth of Goods Imported as China Leads Table
By DAPO OLAWUNI
There are indications that the level of cargo importation through Nigerian ports has increased with a record of N6.85 trillion in the first quarter of 2021 from N4.44 trillion recorded in the corresponding period of 2020.
Out of this, cargoes imported from China led the table with N2.01 trillion, accounting for 29.34% of the total.
This was contained in the foreign trade report recently released by the National Bureau of Statistics (NBS) indicating the highest quarterly import in over 12 years.
The recent import data also represents a 15.6% increase compared to N5.93 trillion recorded in the previous quarter. Meanwhile, total trade in the period stood at N9.76 trillion, 14% higher than N8.55 trillion recorded in Q1 2020.
Apart from China, the other countries that recorded the highest shipment to Nigeria are; Netherlands with imports valued at N726.1 billion, and the USA with N608.1 billion. India accounted for 8.6% with N589.1 billion, Belgium (N238.5 billion).
Others on the list include Germany (N190.1 billion), Russia (N189.6 billion), Italy (N178.3 billion), United Kingdom (N133.4 billion), and South Korea (N129.6 billion).
A breakdown of the imports showed that that Nigeria imported petrol worth N687.74 billion in the review period, representing a 19.88% increase compared to N573.69 billion in Q4 2020.
Surprisingly, agric imports surged to a record high at N630.2 billion despite efforts by the Federal Government to encourage local production and agriculture.
Meanwhile, crude oil exports which account for most of Nigeria’s export earnings dipped from N2.52 trillion recorded in Q4 2020 to N1.93 trillion in Q1 2021. Largely attributed to the decline in India’s importation due to the covid-19 resurgence in the country.