Fuels and lubricants dominated 2024 imports, accounting for 37.4% (₦22.7T) of the total ₦60.6T

Nigeria imported a total of ₦60.6 trillion worth of goods in 2024.
Fuels and lubricants dominated imports with ₦22.7 trillion (37.4%).
Industrial supplies accounted for ₦13.4 trillion (22.1%), showing strong demand for production inputs.
Capital goods and parts represented ₦9.1 trillion (15%).
Food and beverage imports reached ₦6.6 trillion (10.9%), signalling a high reliance on external food sources.

Nigeria’s total imports reached ₦60.6 trillion in 2024, with fuels and lubricants emerging as the dominant import category, accounting for ₦22.7 trillion (37.4%) of the total. This underscores the country’s heavy reliance on imported petroleum products despite being a major crude oil producer. Industrial supplies ranked second with ₦13.4 trillion (22.1%), reflecting the strong demand for raw materials and intermediate goods needed by Nigeria’s manufacturing and construction sectors.

Source:

National Bureau of Statistics

<div style="text-align: center;"><a href="https://intelpoint.co/insights/fuels-and-lubricants-dominated-2024-imports-accounting-for-37-4-%e2%82%a622-7t-of-the-total-%e2%82%a660-6t/" title="Fuels and lubricants dominated 2024 imports, accounting for 37.4% (₦22.7T) of the total ₦60.6T"><img src="https://intelpoint.co/wp-content/uploads/2025/10/share-of-nigerias-total-imports-by-broad-economic-categories-2024-68fd101b220a2-scaled.webp" style="width: 80%; height: auto; max-width:960px;-ms-interpolation-mode: bicubic; margin: 0 auto; display: block;" alt="Chart: Fuels and lubricants dominated 2024 imports, accounting for 37.4% (₦22.7T) of the total ₦60.6T"/></a><br><span>Find more insights at <a href="https://intelpoint.co/insights?utm_source=Insight%20Embed&utm_medium=HTML&utm_campaign=Fuels+and+lubricants+dominated+2024+imports%2C+accounting+for+37.4%25+%28%E2%82%A622.7T%29+of+the+total+%E2%82%A660.6T" target="_blank" style="color: #4f9acc; text-decoration: none;">Intelpoint</a>.</span></div>Copied to clipboard!

Period:

2024

HTML code to embed chart

Want a bespoke report?

Reach out

Related Insights

South Africa accounted for nearly $1 in every $6 Africa earned from merchandise exports in 2025

Africa’s merchandise exports reached $689.2 billion in 2025.
Exports grew by 9.7%, the fastest rate outside Asia.
Africa accounted for just 2.6% of global merchandise exports.
South Africa led with $116.4 billion, followed by Nigeria and Egypt.
The top 15 economies generated 79.3% of Africa’s exports.

Nigeria's trade surplus hit a record ₦21.0tn in 2025 and remained strong in Q1 2026

Nigeria recorded a ₦21.03 trillion trade surplus in 2025, the highest in the period shown.
The trade surplus remained strong at ₦7.55 trillion in Q1 2026.
The latest performance marks a sharp recovery from the deficits recorded in 2020 and 2021.
Nigeria’s trade balance moved from near zero in 2023 to large surpluses in 2024 and 2025.

Nigeria's non-oil exports grew faster than oil exports in 2024 and 2025, though oil remained dominant

In 2025, non-oil export growth (36%) was 6x higher than oil (6%).
In 2024, non-oil exports grew by 189% vs oil’s 108%.
Total exports still heavily depend on oil.
Export value rose from ₦36 trillion in 2023 to ₦85.1 trillion in 2025.

Nigeria imported 10x more from Asia than from Africa in 2025

Asia is Nigeria’s top import source in 2025.
The highest import value from Asia was recorded in Q1 at ₦8.7 trillion.
Imports from Europe surged to ₦8.6 trillion in Q2 but declined to ₦6.6 trillion by Q4.
Imports from America showed continuous growth, rising from ₦2.9 trillion in Q1 to ₦6.6 trillion in Q4.
Imports from Africa remained below ₦1 trillion across most quarters.

China’s exports to Nigeria increased by 40% in 2025

China’s exports to Nigeria increased by 40.4%,
China's exports moved from ₦ 14.1 trillion in 2024 to ₦ 19.8 trillion in 2025.
Growth was consistent across all four quarters.
Quarter 2 saw the highest growth at 80%, jumping from ₦3.0tn to ₦5.4tn.
Quarter 4 recorded a modest 4.3% rise.

Nigeria’s export mix stayed oil-heavy in 2025, with crude oil above 75% in all quarters

Crude oil dominated Nigeria’s exports in all quarters of 2025
Q1 recorded the highest oil dependency at 81.5%.
Non-oil exports peaked in Q2 at 24.2%, representing the strongest diversification point in 2025.
The oil share dropped to its lowest in Q2 (75.8%), but still remained dominant.