The Nigerian economy relies heavily on imports for various products, and recent data from the country’s National Bureau of Statistics (NBS) highlights the top five imports by quantity in the third quarter of 2023.
Motor Spirit Ordinary: Topping the list is motor spirit ordinary, accounting for a significant 22.71% of total imports. The import cost for this product amounted to a staggering N1,921.03 billion, underlining its critical role in Nigeria’s energy consumption.
Gas Oil: Following closely behind is gas oil, constituting 8.71% of imports. With an import cost of N736.66 billion, this product remains a vital component of Nigeria’s energy infrastructure.
Durum Wheat: Ranking third is durum wheat, comprising 3.92% of total imports. Despite its lower percentage, the import cost for durum wheat stood at N331.76 billion, reflecting its importance in Nigeria’s food supply chain.
Cane Sugar: Cane sugar secures the fourth spot on the list, representing 1.86% of imports. With an import cost of N157.34 billion, this commodity plays a significant role in meeting Nigeria’s sugar demand.
Used Vehicles: Rounding out the top five is used vehicles, accounting for 1.64% of total imports. Despite its relatively lower percentage, the import cost for used vehicles reached N135.82 billion, indicating substantial demand in Nigeria’s automotive market.
These figures shed light on the diverse range of products that Nigeria imports to meet its domestic needs and sustain economic activities. The data underscores the country’s dependence on imported goods and highlights key sectors driving import demand in Nigeria.
