Nigeria’s Imports from China Rises as debts hit $3.67bn

Nigeria’s Imports from China Rises as debts hit $3.67bn

Nigeria’s import from China rose by 183.91 per cent from N530.98bn in the first quarter of 2018 to N1.51tn in 2022.

THECONSCIENCENG gathered that according to the National Bureau of Statistics data on foreign trade, China is responsible for most of the imports into Nigeria. In the five quarters under review, China was the number one nation on the top 10 countries.

While China is responsible for the bulk of the nation’s imports, export to China is negligible according to available data. The country was missing from the nation’s top 10 export destination in Q1 2018 – Q1 2020, and Q1 2022.

Only in Q1 2021 did China rank on the top 10 export destination when it ranked third with N190.11bn. In the same quarter, total imports from China were put at N2.01tn.

In Q1 2022, imports to China accounted for 25.55 per cent of the total import (N5.90tn). In Q1 2021, it was 29.34 per cent of the total imports (N6.85tn). In Q1 2020, it was 26.28 per cent of the total import (N4.22tn), in Q1 2019, it was 26.4 per cent of total imports (N3.70tn), and 21.1 per cent of the total imports (N2.52tn) in Q1 2018.