China topped the list of countries with the highest importations to Nigeria in Q1 2022. This is according to data from the National Bureau of Statistics (NBS), which disclosed that the figure rose by 183.91%.
NBS, in its data on foreign trade, Nigeria’s importations from China hit N1.51tn in the first quarter of 2022 from N530.98 billion in the corresponding period of 2018.
A look into Nigeria’s imports from China
While China is responsible for the bulk of the nation’s imports, export to China is negligible according to available data. The country was missing from the nation’s top 10 export destinations in Q1 2018 – Q1 2020, and Q1 2022.
In Q1 2021, China ranked among the top 10 export destinations when it ranked third with N190.11 billion. In the same quarter, total imports from China were put at N2.01 trillion.
Imports from China grew across the quarters under review. In Q1 2018, it was N530.98 billion, it grew to N979.29 billion in Q1 2019, and N1.11 trillion in Q1 2020.
It was highest in Q1 2021 at N2.01tn and dropped to N1.51 trillion in Q1 2022.
According to the NBS, imports from China include motorcycles, machines for the reception of voice, electrical apparatus for line telephony, or line telegraphy, mackerel, parts of machinery for working on rubber or plastics, crude salt, compressed salt used in animal feeding, antibiotics, herbicides and more.
In Q1 2022, imports to China accounted for 25.55% of the total import (N5.90 trillion). In Q1 2021, it was 29.34% of the total imports (N6.85 trillion). In Q1 2020, it was 26.28% of the total import (N4.22 trillion), in Q1 2019, it was 26.4% of total imports (N3.70 trillion), and 21.1% of the total imports (N2.52 trillion) in Q1 2018.
Meanwhile, Chairman, Export Group, Manufacturers Association of Nigeria (MAN), Ede Dafinone has addressed concerns that there is no balance in the country’s importations.
He explained that there is no equality requirement on imports and exports for nations.
His words: “There is no guarantee or requirement for any country to import and export the same volume from each other.
“If Nigeria is exporting a certain quantity worth of goods and services and importing another quantity of goods and services from another country, the issue is what is the next difference with net import and export. There is no requirement as to which country is responsible for this. It doesn’t matter where the deficit is as long as there is an overall surplus.”
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