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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.
