Nigeria Imports $50.3 Billion Worth of Goods in 2020 – ITC

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

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.

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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 of $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.