Nigeria’s import rose by 54% year-on-year to N6.85 trillion in the first quarter of 2021. This indicates an increase from N4.44 trillion recorded in the corresponding period of 2020.
This is according to the foreign trade report, recently released by the National Bureau of Statistics (NBS).
The recent import data also represents a 15.6% increase compared to N5.93 trillion recorded in the previous quarter. Meanwhile, total trade in the period stood at N9.76 trillion, 14% higher than N8.55 trillion recorded in Q1 2020.
Nigeria recorded its highest quarterly import in over 12 years, pushing the country’s trade deficit to its highest ever, based on our tracker.
Imported agricultural products improved in value by 18.37% in Q1 2021 compared to the previous quarter, and 140.47% higher year on year.
Raw material imports dropped by 6.50% in Q1 2021 compared to Q4 2020 but increased by 109.29% compared to Q1 2020.
The value of other oil products imported in Q1 2021 was 19.02% more than its value in Q4 2020 but 15.76% less than the corresponding quarter of 2020.
The value of imported manufactured goods grew by 18.47% in Q1 2021 against the value recorded in Q4 2020 and 69.70% against its value in Q1 2020.
The value of Solid minerals imports was 36.97% higher in Q1 2021 than in Q4 2020, and 59.26% more than its value in the corresponding period of 2020.
The surge in imports can be largely attributed to the increase in the value of petrol imports. Nigeria imported petrol worth N687.74 billion in the review period, representing a 19.88% increase compared to N573.69 billion in Q4 2020.
