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Nigeria imported $50.3bn worth of goods in 2020

Habour 1 The highest import value came from mineral fuels, mineral oils and products of their distillation

Mon, 26 Jul 2021 Source: economicconfidential.com

Nigeria imported $50.3 billion worth of goods last year, the International Trade Centre (ITC) has said.

The trade map by ITC showed that imports were $4,417,805,000 in January, $3,685,091,000 in February; $4,165,950,000 in March; $2,954,555,000 in April; $3,493,388,000 in May; $4,368,600,000 in June and $4,719,912,000 in July.

Total imports stood $4,882,743,000 in August, $4,580,307,000 in September; $4,678,286,000 in October; $6,345,452,000 in November and $4,672,057,000 in December.

Goods imported included, machinery, mechanical appliances, nuclear reactors, boilers and parts; vehicles other than railway or tramway rolling stock, and parts and accessories; electrical machinery and equipment and parts; sound recorders and reproducers, television; plastics and articles; pharmaceutical products; cereals; mineral fuels, mineral oils and products of their distillation; fish and crustaceans, molluscs and other aquatic invertebrates; optical, photographic, cinematographic, measuring, checking, precision, medical or surgical and sugars and sugar confectionery.

Others were miscellaneous chemical products; organic chemicals; ships, boats and floating structures; iron and steel; fertilisers; dairy produce; birds’ eggs; natural honey; edible products of animal origin; preparations of cereals, flour, starch or milk; pastry cooks’ products; paper and paperboard; articles of paper pulp; textile articles and worn clothing; essential oils and resinoids; perfumery, cosmetic or toilet preparations; wood and articles; wood charcoal and miscellaneous edible preparations and products of the milling industry.

The highest import value came from mineral fuels, mineral oils and products of their distillation.

For instance, in January, Nigeria imported $1,077,459,000 worth of mineral fuels, mineral oils and products.

By February, the figure dropped to $1,039,317,000. It rose again in March to $1,100,148,000. The highest figure was $1,329,020,000 in October, while the lowest figure was recorded in December at $207,818,000.

The secondary largest import category came from machinery, mechanical appliances, nuclear reactors, boilers; parts thereof.

In January, Nigeria imports valued at $783,129,000 under this category. It dropped marginally in February to $778,834,000, $775,016,000 in March, $560,806 in April, $699,067 in May, $784,666,000 in June and $899,891,000 in July and $998,163,000 in August. The highest was 1,038,724,000 in October, while the lowest was $724,909 in October.

Also, vehicles other than railway or tramway rolling stock, and parts and accessories thereof took the third position.

In January Nigeria imported vehicles valued $519,091,000; $436,037,000 in February; $472,130,000 in March and $325,194,000 in April. The highest figure was 626,687,000 in December, while the lowest was $324,566,000 in April.

The lowest income came from other made-up textile articles; sets; worn clothing and worn textile articles category.

In January, Nigeria imported goods worth $3,867,000. It was $4,333,000 in February; 2,581,000 in March; $ 1,754,000 in April; $4,904,000 in May ; 14,962,000 in June; 19,889,000 in July; $7,505,000 in August; $17,887,000 in September; $2,871,000 in October and $7,935,000 in November. The highest was $52,382 in December.

Source: economicconfidential.com