Nigeria's import landscape has witnessed a notable shift in the third quarter of 2024, with the country spending more on exports than imports, similar to the previous quarter. According to a report by the National Bureau of Statistics, Nigeria disbursed ₦14,674.05 billion for its import needs, representing 41.73% of total trade, and marking an 8.71% increase from the previous quarter.

The report highlights that imports from Asia dominated Nigeria's import market, accounting for 49.69% of total imports, valued at ₦7,290.86 billion. Other significant import partners included Europe, America, Oceania, ECOWAS countries, and other African nations, with China emerging as the largest trading partner, accounting for 24.36% of total imports.

The top 5 products Nigeria spent the most money on in Q3 2024 are motor spirit ordinary, gas oil, drum wheat, cane sugar, and used vehicles with diesel or semi-diesel engine. Motor spirit ordinary topped the list, with an import value of ₦3,320.05 billion, representing 22.63% of total imports. Gas oil followed closely, with an import value of ₦1,331.48 billion, accounting for 9.07% of total imports.

The significant increase in import spending can be attributed to various factors, including the country's growing demand for energy resources and its reliance on imported goods. The data also suggests that Nigeria's trade balance remained positive, with a value of ₦5,812.34 billion, up 43.60% from the previous quarter.

Industry experts believe that this trend may continue in the coming quarters, driven by Nigeria's ongoing efforts to diversify its economy and reduce its dependence on oil exports. The data also underscores the importance of strengthening trade relationships with key partners, such as China, India, and the United States, to drive economic growth and development.

In conclusion, Nigeria's import landscape in Q3 2024 paints a picture of a growing economy, with a significant increase in import spending and a positive trade balance. As the country continues to navigate the complexities of global trade, it remains essential to monitor these trends and their implications for the nation's economic future.