NIGERIA’s imports rose significantly by 97.93 per cent to N12.47 trillion from N6.30 trillion on a year-on-year basis in the second quarter.

Similarly, total exports rose by 201.76 per cent to N19.42 trillion from N6.44 trillion in the same quarter of 2023, as a result, total merchandise trade stood at N31.89 trillion in the second quarter.

While China remains the top spot among the country’s trade partners on imports, Spain overtook France in exports.

The National Bureau of Statistics (NBS) disclosed this in its latest data on Wednesday, September 11.

On a quarter-on-quarter basis, the report shows that while total imports dropped from N13.97 trillion in the first quarter of 2024, total exports increased from N19.17 trillion.

According to NBS, China remains Nigeria’s highest trading partner on the import side, followed by Belgium, India, the United States of America, and The Netherlands.

Motor spirit ordinary, gas oil, durum wheat, butanes and cane sugar meant for sugar refinery were the most traded commodities during the second quarter.

Agricultural goods imported stood at N893.25 billion, raw materials at N1.48 trillion, solid minerals at N96.80 billion, manufactured goods at N5.58 trillion, and other oil products at N4.43 trillion.

On the export side, Spain dominated the United States of America, France, India, and The Netherlands as among Nigeria’s export partners.

Crude oil, liquefied natural gas, other petroleum gases in a gaseous state, superior-quality cocoa beans, and urea were the most exported commodities.

Exports of agricultural goods amounted to N973.69 billion, raw materials at N366.91 billion, solid minerals at N58.56 billion, manufactured goods at N480.82 billion, crude oil at N14.56 trillion, and other oil products N2.92 trillion.

The ICIR can report that of the total imports value of N12.47 trillion, imports from China stood at 24.29 per cent or N3.03 trillion, and of the total exports value of N19.42 trillion, exports to Spain stood at 10.34 per cent or N2.01 trillion.