Top 5 products Nigeria spent the most money on in Q2 2024

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In Q2 2024, Nigeria, one of West Africa’s economic powerhouses, spent ₦12,473.53 billion on imports, representing 39.11% of the nation’s total trade. During this period, Nigeria conducted trade with several countries globally, with Asia being its largest trading partner. The country imported a wide range of goods from these nations.

Nigeria’s imports from Asia amounted to ₦5,580.60 billion in Q2 2024, accounting for 44.74% of total imports, according to the Bureau of Statistics. Imports from Europe totaled ₦4,934.03 billion (39.56%), while America contributed ₦1,337.28 billion (10.72%), and Africa ₦555.48 billion (4.45%).

ECOWAS nations made up ₦166.37 billion (1.33%) of imports, with Oceania providing ₦66.14 billion (0.53%).

Additionally, in the period under review, the merchandise trade balance remained positive at ₦6,945.40 billion, up 33.63% from the previous quarter.

The majority of the goods imported make up energy and food products. Oil products and agricultural produce accounted for the top 5 products Nigeria bought from outside its shores.

Given this fact, here are the 5 products Nigeria imported the most in the second quarter of 2024

Top 5 products Nigeria spent the most money on in Q2 2024

Rank	Product	Import earnings	Import earnings (%)
1.	Motor Spirit Ordinary	N3,221.82 billion	25.83%
2.	Gas oil	N688.87 billion	5.52%
3.	Durum Wheats (Not in seeds)	N414.69 billion	3.32%
4.	Butane	N294.30 billion	2.36%
5.	Cane sugar meant for sugar refinery	N188.76 billion	1.51%