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.
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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.
