NBS RELEASES NEW FOOD REPORT FOR NIGERIA

THE NATIONAL BUREAU OF STATISTICS IN NIGERIA HAS RELEASED A NEW REPORT HIGHLIGHTING SIGNIFICANT TRENDS IN NIGERIA’S IMPORT ACTIVITIES FOR THE FIRST QUARTER OF 2024.

AGRICULTURAL FOOD IMPORTS WERE THE MAJOR ITEMS BROUGHT INTO THE COUNTRY DURING THIS PERIOD.

TOTAL IMPORTS FOR Q1 2024 STOOD AT A STAGGERING N12.64 TRILLION, MARKING A 39.65 PERCENT INCREASE FROM N9.05 TRILLION IN Q4 2023.

THIS INCLUDES  A SUBSTANTIAL 95.53 PERCENT RISE FROM N6.47 TRILLION IN Q1 2023.

ACCORDING TO THE NBS, THE IMPORT OF RAW MATERIALS BY MANUFACTURERS AMOUNTED TO N1.5 TRILLION, WHILE NIGERIANS SPENT N920.54 BILLION ON AGRICULTURAL GOODS.

THE REPORT DETAILED THAT IMPORTS ACCOUNTED FOR 39.75 PERCENT OF TOTAL TRADE IN THE FIRST QUARTER OF 2024, WITH THE VALUE OF IMPORTS REACHING N12.64 TRILLION.

THIS REPRESENTS A SIGNIFICANT INCREASE FROM THE PREVIOUS QUARTER AND THE SAME PERIOD LAST YEAR. NOTABLY, THE MERCHANDISE TRADE BALANCE FOR Q1 2024 WAS POSITIVE AT N6.5 TRILLION.

CHINA HOWEVER EMERGED AS NIGERIA’S TOP TRADING PARTNER ON THE IMPORT SIDE, CONTRIBUTING 23.18 PERCENT TO THE TOTAL IMPORTS.

OTHER KEY IMPORT PARTNERS INCLUDED INDIA WITH (8.46 PERCENT), THE UNITED STATES (7.98 PERCENT), BELGIUM (7.56 PERCENT), AND THE NETHERLANDS (4.68 PERCENT).

AGRICULTURAL GOODS IMPORTS WERE HOWEVER VALUED AT N920.54 BILLION, REFLECTING A 29.45 PERCENT INCREASE COMPARED TO N711.14 BILLION IN Q4 2023.

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