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Importation in Nigeria

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Importation in Nigeria

Importation in Nigeria can be traced back to the colonial era, when gin and firearms were brought into the country by the early colonial masters, which they used to entice and win the hearts of the local chieftains. Since the colonial era, importation in Nigeria has grown like a wild fire.

Imports to Nigeria rose 2.6% year-on-year to NGN 1002 billion in March 2019, boosted by purchases of energy goods (796.3%); manufactured goods (101.3%); solid mineral (70.8%); raw material (46.9%) and agricultural goods (61.3%). Imports in Nigeria averaged 227104.84 NGN Millions from 1981 until 2019, reaching an all-time high of 2209385.78 NGN Millions in August of 2018.In 2017, Nigeria imported about US$34.2 billion of goods

Below are the top 10 most imported resources/products into Nigeria

  1. Mineral fuels including oil: US$10.8 billion (29.7% of total imports)
  2. Machinery including computers: $5.2 billion (14.2%)
  3. Ships, boats: $3.4 billion (9.4%)
  4. Vehicles: $2.2 billion (6.1%)
  5. Electrical machinery, equipment: $2.1 billion (5.6%)
  6. Plastics, plastic articles: $1.4 billion (3.8%)
  7. Cereals: $1.2 billion (3.3%)
  8. Fish: $686.5 million (1.9%)
  9. Articles of iron or steel: $681.9 million (1.9%)
  10. Iron, steel: $618.9 million (1.7%)

 

In 2017 the leading sources of imports were China (28%), the Belgium-Luxembourg (8.9%), the Netherlands (8.3%), South Korea (6.4%), the United States (6.0%) and the Republic of India (4.6%).

In 2018, The World Bank in its ‘Connecting to Compete Report 2018 on trade logistics in the global economy’, which evaluated the logistic performance of 160 countries, using data gathered through a worldwide survey of logistics professionals on how easy or difficult they experienced trade logistics.

In this survey, Nigeria took the 110th place out of the 160 countries, one of the bottom 50 performers in the world. In the report, Nigeria has a level of logistics constraints typical of low and middle-income countries. In terms of customs efficiency and logistics, Nigeria emerged 147th and 112th respectively. In International shipment, Nigeria was ranked 110th,while in logistics infrastructure, 78th, logistics competence, 112th,tracking and tracing, 92nd and timeliness, 92nd position.

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