China Ships N2tn Cargo To Nigeria In Q1

China Ships N2tn Cargo To Nigeria In Q1

Nigerians imported N2.01 trillion worth of cargos from China in the first quarter of 2021, leading other import partners.

According to a latest report by the Foreign Trade in Goods Statistics report by the National Bureau of Statistics (NBS), other countries that recorded the highest shipment to Nigeria are The Netherlands with imports valued at (N726.1billion), and the USA (N608.1billion).

India (N589.1billion) and Belgium (N238.5billion), Germany (N190.1billion), Russia (N189.6billion), Italy (N178.3billion), United Kingdom (N133.4billion) and South Korea (N129.6billion) are also Nigeria’s top import partners in Q1 2021, according to NBS.

The value of cargo throughput recorded by the different at the seaport across Nigeria increase significantly in the first quarter of 2021.

Cargo shipments increased by 54.3 per cent from N4.44 trillion in the first quarter of 2020 to N6.85 trillion in the same period in 2021.

READ ALSO: Analysts Expect Inflation Rate To Jump To 18.2% In May

According to NBS, this is the highest quarterly import recorded in the country in over 12 years.

Total trade in the period stood at N9.76 trillion, 14 per cent higher than N8.55 trillion recorded in Q1 2020.

A breakdown of the imports showed that Nigeria imported petrol worth N687.74 billion in the review period, representing a 19.88 per cent increase compared to N573.69 billion in Q4 2020.

About Author

Ife Ogunfuwa is an award-winning reporter who is versed in reporting business and economy, technology, gadgets reviews, telecoms, tax, and business policy review, among others. She loves telling stories behind the numbers. She has professional certifications in business and financial reporting. You can reach her via – [email protected]

Comment here

This site uses Akismet to reduce spam. Learn how your comment data is processed.