Over 80% of Nigeria’s imports in 2024 came from manufacturing and oil products

Key takeaways:

  • Manufactured goods accounted for 44.2% of Nigeria’s total imports.
  • Petroleum products (excluding crude oil) made up 38% of the import value.
  • Raw materials represented 11% of the total import value.
  • Agricultural imports contributed 6.2% to the overall import value.
  • The total import value stood at ₦60.59 trillion in 2024, from ₦30.86 trillion in 2023.
  • The energy resources sector made a negligible amount in import value, while no record was made for the crude oil sector.

In 2024, Nigeria’s import landscape was predominantly driven by the manufactured goods and refined petroleum products sectors. The manufacturing goods sector tops Nigeria’s imports, accounting for 44.2% of the total ₦60.59 trillion in import value. Petroleum products (excluding crude oil) followed closely, contributing 38%, underscoring the country’s dependence on imported refined fuels despite being a major crude oil producer.

 

Raw materials accounted for 11% of Nigeria’s total imports, while agricultural products comprised 6.2%, highlighting the country’s reliance on foreign inputs for both industrial and food needs.

Source:

National Bureau of Statistics

Period:

2024
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  • Crude oil dominates Nigeria’s export trade, accounting for the largest share of export revenue. -
  • Other petroleum oil products are also a major export item, reflecting the significance of both raw and refined oil-based commodities in Nigeria’s trade portfolio. -
  • On the import side, manufactured goods dominate, showing Nigeria’s continued reliance on foreign machinery, technology, and consumer goods.
  • While Nigeria exports mostly raw and oil-based products, it imports refined, processed, or industrial goods, indicating a structural trade gap and limited local industrial capacity. -
  • Agricultural and raw material goods feature on both sides of trade, but their value is significantly less than petroleum-related trade.
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