The National Bureau of Statistics (NBS) has said Nigeria spent N5.14 trillion on mineral fuel imports in the third quarter of 2024.
This was contained in its document titled: Trade in Goods Statistics Q3 2024.”
The document said in the period under review, mineral fuels accounted for 35 percent of the ₦14.674.05 trillion imported goods in the period under review.
NBS said: “During the third quarter of 2024, total imports were valued at ₦14.674.05 trillion accounting for 41.73 percent of total trade.
“Using the Standard International Trade Classification, the top-ranked group import was “mineral fuels” with ₦5,140.10 billion representing 35.03 percent of total imports.”
The document said this was followed by “machinery and transport equipment” with ₦3.782.19 trillion (25.77 percent of total imports) and “Chemicals & related products” with ₦1.973.01 trillion (13.45 percent of total imports).”
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NBS said Nigeria imported goods mainly from Asia, valued at ₦7.290.86 trillion representing 49.69 percent of total imports. According to the document, this was followed by imports from Europe with ₦5,355.92 trillion or 36.50 percent, America with ₦1.440.79 trillion or 9.82%, while imports from Oceania stood at ₦73.91 billion or 0.50% in the third quarter of 2024.
NBS said trade with African countries stood at ₦512.56 billion or 3.49 percent of total imports; of which imports from ECOWAS countries amounted to ₦72.71 billion or 0.50% of total imports.
The document said analysis by trading partners reveals that imports from China were valued at ₦3.574.79 trillion, representing 24.36 percent of total imports.
NBS said this was followed by imports from India with ₦1.662.68 trillion (11.33 percent of total imports), Belgium with imports valued at ₦1.632.89 trillion or 11.13 percent of total imports, United States of America with goods valued at ₦1.024.44 trillion (6.98 percent of total imports) and goods from Malta valued at ₦766.81 billion or 5.23 percent of total imports.