China, India dominate as Nigeria’s largest trading partners in 2024, hit N20.31 trillion
China and India are Nigeria’s largest sources of imports, accounting for a combined N20.31 trillion in total imports according to the latest trade report from the National Bureau of Statistics (NBS) for 2024.
According to the report, China accounts for N14.14 trillion of Nigeria’s imports in 2024 while India accounts for N6.17 trillion.
Majority of the imports include electronics, machinery, textiles, and industrial equipment, which play a crucial role in Nigeria’s manufacturing and technology sectors.
India’s contributions to Nigeria’s import totals remain significant, particularly in pharmaceuticals, industrial raw materials, and processed food products.
Nigeria’s total imports for the year stood at N37.59 trillion, with the top import sources noted below.
China – N14.14 trillion
India – N6.17 trillion
USA – N4.07 trillion
Netherlands – N2.31 trillion
Africa – N2.16 trillion
France – N1.65 trillion
Brazil – N1.36 trillion
Spain – N1.47 trillion
Germany – N1.26 trillion
UK – N1.03 trillion
Italy – N944.01 billion
Canada – N315.38 billion
Japan – N458.16 billion
Oceania – N234.97 billion
Chinese retained its spot as Nigeria’s highest import destination. India also maintains its second sport with N 2.8 trillion in 2023.
Imports from China were valued at N4.61 trillion, representing 27.80% of total imports in the fourth quarter. India followed with N1.90 trillion (11.43% of total imports), while Belgium contributed N1.39 trillion (8.35% of total imports).
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