Fuel, foods lead as imports hit N12tn

Refined petroleum products and agricultural food imports constituted the major items imported by Nigerians into the country in the first quarter of 2024, the National Bureau of Statistics has stated in a new report.

This was as total imports for Q1 2024 stood at N12.64tn representing a 39.65 per cent increase from N9.05tn in Q4 2023 and a 95.53 per cent rise from N6.47tn in Q1 2023.

While the import of raw materials by manufacturers gulped N1.5tn, citizens spent N920.54bn to bring in agricultural goods, the NBS in its Foreign Trade Statistics disclosed on Sunday.“

The share of total imports accounted for 39.75 per cent of total trade in the first quarter of 2024 with the value of imports amounting to N12.64tn in Q1, 2024.

This value indicates an increase of 39.65 per cent over the value recorded in Q4 2023 (N9.05tn) and rose by 95.53 per cent compared to the value recorded in Q1 2023 (N6.46tn).

The merchandise trade balance for Q1 2024 stood positive at N6.5tn,” the NBS report stated in part.

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