• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macros
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macros
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
Nairametrics
No Result
View All Result
Home Economy Macros
Q1 2020, AfCFTA, African Continental Free Trade Area, Africa Free Trade Agreement, Business new, Nairametrics news, AfCFTA: Promoting Non -Oil revenue will maximize agreement for Nigeria - NESG

Containers at the port

Nigeria’s import bill surges to highest in over 12 years

Samuel Oyekanmi by Samuel Oyekanmi
2 years ago
in Macros
Share on FacebookShare on TwitterShare on Linkedin

Nigeria’s import surged by 54% year-on-year to N6.85 trillion in the first quarter of 2021 from N4.44 trillion recorded in the corresponding period of 2020. This was contained in the foreign trade report, recently released by the National Bureau of Statistics (NBS).

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.

Nigeria recorded its highest quarterly import in over 12 years, pushing the country’s trade deficit to its highest ever, based on our tracker.

READ: CBN blames petroleum import for Nigeria’s $5.2 billion current account deficit

Highlights of import

  • The value of imported agricultural products increased by 18.37% in Q1 2021 compared to the previous quarter and 140.47% higher year on year.
  • The value of Raw material imports fell by 6.50% in Q1 2021 compared to Q4 2020 but increased by 109.29% compared to Q1 2020.
  • The value of other oil products imported in Q1 2021 was 19.02% more than its value in Q4 2020 but 15.76% less than the corresponding quarter of 2020.
  • The value of imported manufactured goods grew by 18.47% in Q1 2021 against the value recorded in Q4 2020 and 69.70% against its value in Q1 2020.
  • The value of Solid minerals imports was 36.97% higher in Q1 2021 than in Q4 2020 and 59.26% more than its value in the corresponding period of 2020.

READ: CBN blames petroleum import for Nigeria’s $5.2 billion current account deficit

The surge in imports can be largely attributed to the increase in the value of petrol imports. Nigeria imported petrol worth N687.74 billion in the review period, representing a 19.88% increase compared to N573.69 billion in Q4 2020.

Also, despite the billions of naira spent by the federal government to improve the agricultural sector of the country, it appears we are falling behind in terms of food sustenance. According to the report, agric imports surged to a record high at N630.2 billion.

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.

Dwindling reserves

Nigeria’s foreign reserve has continued to depreciate in recent time, losing over $1 billion year-to-date despite the rally in the global oil market. It is evident that the streak of negative trade balance is having adverse effects on Nigeria’s dollar reserves.

  • A cursory look at the data shows that Nigeria has recorded a trade deficit for six consecutive quarters, since Q4 2019.
  • Currently, the exchange rate against the US dollar has depreciated to about N502/$1, while the official market trades at around N410/$1.
  • Nigeria’s foreign reserve currently stands at $34.19 billion as of 3rd June 2021.

Top import sources

The top 10 countries accounted for 72.88% of the total imports recorded during the period under review.

  • China led with N2.01 trillion, accounting for 29.34% of the total, followed by the 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).

Download Nairametrics App for breaking news and market intelligence.
   
Tags: foreign tradeImportsNigeria's economy
Samuel Oyekanmi

Samuel Oyekanmi

For further inquiries about this article, contact: Email: samuel.oyekanmi@nairametrics.com Twitter: @OYEKANMISAMUEL Linkedln: Samuel Oyekanmi

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *







NM newsletters
HFM
Glo
Kwakol
Abbey
Zenth Bank
UBA
Mega Millions

Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

Recent News

  • JAMB picks dates for 2024 UTME
  • Old, new houses without toilets in Ogun State will be forfeited to government –  Commissioner
  • Crude oil theft: Nigeria knows it still has much work to do – Analyst

Follow us on social media:

Recent News

JAMB announces new date for 2023 UTME

JAMB picks dates for 2024 UTME

November 29, 2023
Ogun State

Old, new houses without toilets in Ogun State will be forfeited to government –  Commissioner

November 29, 2023
  • Download Nairametrics iOS App
  • Download Nairametrics Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer

© 2023 Nairametrics

No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macros
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
  • Login
  • Sign Up

© 2023 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In