Would you like to receive notifications on latest updates of the following headlines?

Second Hand Vehicles import to Nigeria hit N13.6trn in Q4 2023 - NBS

POSTED ON April 4, 2024 •   Business      BY Abiodun Saheed Omodara
Imported Used Vehicle l Credit: NBS l Source: Google

The National Bureau of Statistics (NBS) has revealed that Singapore, China and the United States are among the 10 top countries that flooded Nigerian ports with N13.6 trillion worth of vehicles in the last quarter of 2023. 

A breakdown of the figure by the NBS showed that Lagos Port alone received the highest imports, valued at N10.83 trillion or 76.77 percent of total imports. 

Tin followed this Can Island Port which accounted for goods worth N1.18 trillion or 8.37 percent, port and terminal Multiservices Limited (PTML), N267.72 billion, while Onne Port handled N556.14 billion or 3.94 percent of total imports. 

Further analysis by the NBS showed that the top importing countries are Singapore with N5.09 trillion ports; China, N2.06 trillion; Belgium, N1.1 trillion; India, 908.59 billion; United States with N512.98 billion; the Netherlands, N483 billion; South Korea, N304.61 billion; Malta, N291.97 billion; Brazil, N282.26 and Italy, N239. 66 billion. 
It added that the 10 countries accounted for 80 percent of the total imports, noting that 96 percent of the goods were shipped by sea to the country.
Conversely, the imported goods by Nigerians from Asia were valued at ₦9.45 trillion or 66.99 percent of total imports.
The NBS added that used vehicles, with diesel or semi-diesel engines, of cylinder capacity 2500cc valued at N121.83 billion were ferried to the country in the last three months of 2023.
The report stated that tanks and other armoured fighting vehicles, motorised, whet imports were worth N5.06 trillion. 
The report said that the ports took delivery of N84.95 billion worth of motorcycles and cycles fitted with auxiliary motors, petrol fuel, capacity >50<250cc, and Complete Knock Down (CKD).
It added that imports of agricultural goods in Q4’23 stood at N711.14 billion or 5.04 percent of total imports in Q4’23, saying this represents an increase of 10.48 percent compared to the value recorded in Q3’23 (N643.68 billion) and 59.87 percent when compared to the value recorded in Q4’22 (N444.82 billion). 
The bureau said: “The major agriculture goods imported in Q4, 2023 included ‘durum wheat (not in seeds)’ from Latvia with N111.72 billion and Poland with N74.67 billion. This was followed by ‘malt not roasted’ from Belgium and The Netherlands valued at N15.26 billion and N12.15, respectively.
“During the fourth quarter of 2023, total imports were valued at N14.12 trillion, accounting for 52.64 percent of total trade. Imports value increased by 56.04 percent in Q4’23 compared to the value recorded in Q3’23 and by 163.08 percent when compared to the value in Q4’22. 
Analysis by Standard International Trade Classification (ASITC) shows that the top-ranked group import was “machinery and transport equipment” with N7.27 trillion or 51.55 percent of total imports; this was followed by “mineral fuels” with ₦3.34 trillion or 23.69 percent of total imports and “food and live animals” with N1.13 trillion or 8.01 percent of total imports.

READ ALSO
South Africa Surpasses Nigeria in Fuel Imports Amid Dangote Refinery Operations
BY Abiodun Saheed Omodara May 29, 2025 0

Nigeria has lost its long-standing title as Africa’s largest importer of refined petroleum pro...

READ ALSO
Economists Warn of Debt Sustainability Risks as Nigeria Eyes $24.14 Billion in Foreign Loans
BY Abiodun Saheed Omodara May 28, 2025 0

Nigeria's public debt is poised for another substantial increase as President Bola Tinubu has sought...

READ ALSO
Nigeria's Solid Minerals Sector Attracts Over $800 Million in Investments Amid Policy Shift
BY Abiodun Saheed Omodara May 25, 2025 0

The Minister of Solid Minerals Development,Dr Dele Alake announced that Nigeria attracted over $800...

READ ALSO
SNEPCo Urges Indigenous Firms to Enhance Skills for Future Opportunities
BY Abiodun Saheed Omodara May 23, 2025 0

The Shell Nigeria Exploration and Production Company Limited (SNEPCo) has urged Nigerian firms to st...

READ ALSO
JUST IN: Dangote refinery slashes petrol prices by N15 nationwide
BY Abiodun Saheed Omodara May 22, 2025 0

LAGOS, Nigeria — The Dangote Petroleum Refinery recently announced a reduction in the pump pri...

READ ALSO
Sanwo-Olu Advocates for Innovation, Accountability in Economic Policies
BY Abiodun Saheed Omodara May 22, 2025 0

LAGOS, Nigeria - Lagos State Governor Babajide Sanwo-Olu has stated that Nigeria must hasten its pro...

READ ALSO
CBN's Rigid Monetary Policies Threaten Nigeria's Industrialization Efforts
BY Abiodun Saheed Omodara May 22, 2025 0

With the Central Bank of Nigeria (CBN) keeping the benchmark interest rate at 27.5 percent, local ma...

READ ALSO
FG to Auction 753 Housing Units Recovered from Ex-CBN Governor Emefiele
BY Abiodun Saheed Omodara May 20, 2025 0

ABUJA, Nigeria - The Federal Government has declared its intention to sell 753 housing units that we...

OUR CHANNELS:

70-Year-Old Faces Manslaughter Charges After Fatal Accident
BY Abiodun Saheed Omodara June 5, 2025 0

LAGOS, Nigeria - A 70-year-old man, Isiaka Afolayan, has been detained for careless driving and the...


Police Arrest 49 years old Suspect for Abduction of Two-Month-Old Baby
BY Abiodun Saheed Omodara June 5, 2025 0

DELTA, Nigeria - The police in Delta reported the arrest of a suspect named Joy Temitope for the abd...


43 Lives Lost in Benue Armed Attacks
BY Abiodun Saheed Omodara June 4, 2025 0

BENUE, Nigeria - At least 43 individuals lost their lives when armed assailants targeted communities...


Health Equity: Nigeria's Push for Universal Health Coverage
BY Abiodun Saheed Omodara June 4, 2025 0

In alignment with the global effort towards Universal Health Coverage (UHC), Nigeria is striving to...


Road Maintenance Crisis: FERMA Requires N880 Billion Yearly Amid Budget Shortfalls
BY Abiodun Saheed Omodara June 4, 2025 0

ABUJA, Nigeria - The Federal Government needs approximately N880 billion each year for the upkeep of...


Okocha Urges Victor Osimhen to Consider Staying at Galatasaray
BY Abiodun Saheed Omodara June 4, 2025 0

Nigerian football icon Jay-Jay Okocha has shared advice with Victor Osimhen amid growing speculation...


60,000 Nigerians Abroad Register on Diaspora Data Mapping Portal
BY Abiodun Saheed Omodara June 5, 2025 0

Approximately 60,000 Nigerians residing overseas have registered on the Diaspora Data Mapping Portal...


PDP Leaders Slam Minister for Backing Tinubu's 2027 Campaign
BY Abiodun Saheed Omodara June 5, 2025 0

The People’s Democratic Party (PDP), New Nigeria Peoples Party (NNPP), Coalition of United Pol...


Gunmen Shot Dead Real Estate Investor, Abduct Wife
BY Abiodun Saheed Omodara June 5, 2025 0

OWERRI, Nigeria - A real estate investor lost his life after being attacked and fatally shot by a gr...


JUST IN: Former Super Eagles Star Emmanuel Udoh Passes Away
BY Abiodun Saheed Omodara June 4, 2025 0

The team manager of Akwa United and a former defender for the Super Eagles, Emmanuel Udoh, has been...


More Articles

Load more...

Menu