China and India have emerged as Nigeria's top sources of imports, contributing a combined N20.31 trillion in total imports for 2024, according to the latest National Bureau of Statistics (NBS) trade report.China maintained its position as Nigeria's … Read on blog or Reader SMALL BUSINESS INSIGHTS Read on blog or Reader China and India dominate Nigeria's import market, accounting for N20.31 trillion in 2024 By sbinsights on March 11, 2025 China and India have emerged as Nigeria's top sources of imports, contributing a combined N20.31 trillion in total imports for 2024, according to the latest National Bureau of Statistics (NBS) trade report. China maintained its position as Nigeria's largest import partner, with imports valued at N14.14 trillion, while India followed with N6.17 trillion. The bulk of these imports include electronics, machinery, textiles, industrial equipment, pharmaceuticals, and processed food products, which are essential to Nigeria's manufacturing and technology sectors. Nigeria's 2024 Import Breakdown Nigeria's total imports for 2024 stood at N37.59 trillion, with the top import sources as follows: China – N14.14 trillion India – N6.17 trillion USA – N4.07 trillion Netherlands – N2.31 trillion Africa – N2.16 trillion France – N1.65 trillion Brazil – N1.36 trillion Spain – N1.47 trillion Germany – N1.26 trillion UK – N1.03 trillion Italy – N944.01 billion Canada – N315.38 billion Japan – N458.16 billion Oceania – N234.97 billion China's imports have more than doubled from N6.6 trillion in 2023 to N14.14 trillion in 2024, reinforcing its role as Nigeria's top trading partner. Similarly, India's imports surged from N2.8 trillion in 2023 to N6.17 trillion in 2024, retaining its second position. Read also China and India dominate Nigeria's import market, accounting for N20.31 trillion in 2024 Nigeria targets 7% GDP growth to drive economic transformation UAE introduces remote work system for federal employees abroad EFCC arrests 28 alleged Ponzi scheme operators in Niger State 74 Chinese companies express interest in Nigeria's oil and gas sector Q4 2024 Trade Analysis A closer look at Q4 2024 trade data highlights China's continued dominance, accounting for N4.61 trillion (27.80%) of total imports in the quarter. Other major import sources include: India – N1.90 trillion (11.43%) Belgium – N1.39 trillion (8.35%) United States – N1.06 trillion (6.36%) France – N601.28 billion (3.62%) Nigeria's Growing Shift Towards Eastern Markets Nigeria's 2024 trade data signals an increasing tilt towards Eastern markets, particularly China and India. This trade shift can be attributed to: Competitive pricing of Chinese and Indian goods Flexible credit facilities offered by Eastern partners Geopolitical factors influencing trade policies Rising investments from China and India in Nigeria's infrastructure, manufacturing, and technology sectors While the United States and European nations remain key trade partners, their share of Nigeria's import market is gradually shrinking in comparison to China and India. Nigeria's BRICS and G20 Aspirations Further solidifying this Eastern pivot, in December 2024, the Nigerian government sought South Africa's support to gain full membership in: G20 BRICS BRICS New Development Bank (NDB) The BRICS bloc—which includes Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and the UAE—accounts for 37% of global GDP and is considered a key driver of global economic growth. Nigeria's interest in BRICS aligns with its increasing trade and investment ties with China, India, and other emerging economies. Conclusion With China and India solidifying their dominance in Nigeria's import market, the country's economic ties with the East are expected to deepen further. This trend reshapes Nigeria's global trade partnerships, potentially influencing future economic policies and investment strategies.

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Nigeria's Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has stated that the projected 2025 GDP growth rate of 4.6% falls short of the government's ambitions. Instead, the administration is aiming for a 7% annual GDP growth… Read on blog or Reader SMALL BUSINESS INSIGHTS Read on blog or Reader Nigeria targets 7% GDP growth to drive economic transformation By sbinsights on March 11, 2025 Nigeria's Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has stated that the projected 2025 GDP growth rate of 4.6% falls short of the government's ambitions. Instead, the administration is aiming for a 7% annual GDP growth rate to drive economic transformation and reduce poverty. Economic Growth and Stability Speaking at the Arise/KPMG Budget Day on Monday, Edun expressed optimism about Nigeria's economic trajectory. He cited key factors such as: Declining inflation Improved macroeconomic stability A more favorable business environment "We projected growth at 4.6%, but I think that is not our ambition. Our ambition is to, as soon as possible, get to about 7% per annum GDP growth, because it is at that level that you begin to really lift people out of poverty," Edun remarked. He identified stronger revenue performance, increased oil production, and savings from fuel subsidy removal as crucial growth drivers. Read also Private Sector as the Engine of Growth Edun emphasized the critical role of the private sector in addressing Nigeria's infrastructure deficit, which requires an estimated $100 billion in annual investment. "It is not the government budget that will fund, for example, the infrastructure deficit. The plan, the commitment of Mr. President and his policy is to crowd in the private sector." He highlighted public-private partnership (PPP) projects, including: Benin-Asaba Highway Lagos-Abeokuta Road These projects aim to enhance travel efficiency and productivity, with an expected 75% reduction in travel time on key routes. Strengthening the External Sector On the external front, Edun pointed to positive economic indicators, including: Stable exchange rate Trade surplus equivalent to 13% of GDP Foreign reserves exceeding $40 billion He also outlined adjustments in budget funding, shifting from 80% domestic funding to a more balanced mix of: 40% domestic funding 40% foreign funding 20% from other sources This shift, he explained, creates more room for private sector access to financial markets, fostering greater investment opportunities. Conclusion Nigeria's push for 7% GDP growth reflects its commitment to economic reform, private sector-led development, and improved infrastructure. With favorable economic conditions and policy adjustments, the government aims to create an inclusive and thriving economy that benefits all Nigerians.

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