China and India have emerged as Nigeria’s largest sources of imports, accounting for a combined N20.31 trillion in total imports.
This is according to the latest trade report from the National Bureau of Statistics (NBS) for 2024.
According to the report, China accounts for N14.14 trillion of Nigeria’s imports in 2024 while India accounts for N6.17 trillion.
The bulk of these imports include electronics, machinery, textiles, and industrial equipment, which play a crucial role in Nigeria’s manufacturing and technology sectors. India’s contributions to Nigeria’s import profile remain significant, particularly in pharmaceuticals, industrial raw materials, and processed food products.
Nigeria’s total imports for the year stood at N37.59 trillion, with the top sources broken down as follows:
- China – N14.14 trillion
- India – N6.17 trillion
- USA – N4.07 trillion
- Netherlands – N2.31 trillion
- Africa – N2.16 trillion
- France – N1.65 trillion
- Brazil – N1.36 trillion
- Spain – N1.47 trillion
- Germany – N1.26 trillion
- UK – N1.03 trillion
- Italy – N944.01 billion
- Canada – N315.38 billion
- Japan – N458.16 billion
- Oceania – N234.97 billion
Chinese imports show tremendous increase from N6.6 trillion in 2023, retaining its spot as Nigeria’s highest import destination. India also maintains its second sport with N 2.8 trillion in 2023.
Q4 2024 trade analysis
A quarterly analysis of Nigeria’s trading partners for Q4 2024 indicates a continued dominance of China in Nigeria’s import market.
Imports from China were valued at N4.61 trillion, representing 27.80% of total imports in the fourth quarter. India followed with N1.90 trillion (11.43% of total imports), while Belgium contributed N1.39 trillion (8.35% of total imports).
The United States supplied N1.06 trillion (6.36% of total imports), and France accounted for N601.28 billion (3.62% of total imports), according to the NBS report.
Nigeria’s shift towards eastern trade partners
An emerging trend from the 2024 trade data suggests that Nigeria is increasingly tilting towards Eastern markets, particularly China and India, in its trade relations.
- This shift could be attributed to multiple factors, including competitive pricing, availability of consumer goods, flexible credit facilities, and geopolitical considerations.
- While the United States and European nations remain key trade allies, their share of Nigeria’s imports appears to be shrinking in comparison to China and India.
- Over the past decade, China’s influence in Nigeria’s economy has grown substantially, with increased investments in infrastructure, manufacturing, and technology.
Similarly, India has deepened its economic ties with Nigeria, largely through the importation of pharmaceuticals, industrial materials, and consumer goods.
Further reinforcing this Eastern pivot, in December 2024, the Nigerian government sought South Africa’s endorsement to attain full membership in the G20, BRICS, and the BRICS New Development Bank (NDB).
The BRICS bloc, which includes Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and the UAE, currently accounts for approximately 37% of global GDP and is recognized as a significant driver of global economic growth.
