Nigeria’s import bill hits 5.66 trillion naira in Q3 2022; here are the main articles

Nigeria imported goods worth N5.66 trillion in the third quarter of the year, an increase of 4.2% and 6.2% compared to N5.44 trillion and N5.34 trillion in the second quarter of the year. 2022 and the third quarter of 2021, respectively.

This is according to the breakdown of Nigeria’s foreign trade for the third quarter of 2022, published by the National Bureau of Statistics (NBS) and seen by Nairametrics.

The NBS report showed that the value of Nigerian exports fell 19.9% ​​qoq to 5.93 trillion naira in the same period, bringing the trade balance down to a positive 269.3 billion naira from the trade surplus of 1.97 trillion naira recorded in the previous period. fourth.

  • At the top of the Nigerian import bill list during the period under review is gasoline, which accounts for more than 21% of the total import at 1.19 trillion naira.
  • Nigeria continues to spend huge and scarce foreign exchange resources importing refined oil due to its inability to refine crude locally, while the government still pays large amounts as gasoline subsidies to oil traders.
  • It is important to analyze the items that Nigeria and Nigerians import from other world economies to determine the areas that lack local production costs in the nation. Therefore, Nairametrics lists the top 10 Nigerian imports for the third quarter of 2022.

Gasoline: 1.19 trillion naira

Gasoline, also known as ordinary motor spirit or PMS, held the top spot on Nigeria’s import list in the third quarter of the year at 1.19 trillion naira, accounting for 21.18% of the total recorded import. in the period.

In contrast to the previous quarter (Q2 2022), gasoline imports increased by 26.4% compared to 648.76 billion naira, while they were up 14% from 1.05 trillion naira in the previous quarter. corresponding period of 2021.

The news continues after this announcement.

Diesel – N261.59 billion

Nigeria imported N261.59 billion worth of diesel oil in the third quarter of 2022, contributing 4.62% to the total import bill for the period. The amount of diesel imported in the period under review is 26.8% lower than the 357.37 billion naira recorded in the previous quarter.

However, it represents an increase of 15.9% compared to 225.63 billion naira recorded in the corresponding period of 2021. Meanwhile, diesel is a commercial fuel used as an alternative to road diesel. It has a lower tax and therefore comes colored red (leading to the name red-tint diesel).

The news continues after this announcement.

Durum wheat (not in seeds) – N252.62 billion

Durum wheat imported by Nigeria stood at 252.62 billion naira in the third quarter of 2022, representing 4.46 percent of the total imports recorded in the same period.

Nigeria’s durum wheat imports increased 4.1% qoq compared to Naira 242.67 billion in the previous quarter, while they decreased by 19.8% compared to Naira 315.17 billion in the third quarter. quarter of 2021.

Durum wheat is a variety of spring wheat that is typically ground into semolina and used to make pasta. It is also finely ground and used to prepare couscous, bulgur, noodles, and bread. According to the Central Bank of Nigeria, wheat is the third most consumed grain in the country after corn and rice.

Jet fuel: 93.03 billion naira

A sum of N93.03 billion was spent on the import of kerosene-type jet fuel in the third quarter of 2022, representing 1.64% of the total import bill for the period.

Jet fuel imports into Nigeria decreased by 8.9% compared to Naira 102.14 billion in the previous quarter. This can be attributed to the number of airline operators that halted operations in the period due to a challenging operating environment.

Remember that Aero Contractors announced in July 2022 that it would close its operations in the country due to the impact of the challenging operating environment on its daily operations.

Used Vehicles – N90.78 billion

Nigerians imported used vehicles worth N90.78 billion in Q3 2022, which accounted for 1.6% of the total bill. Compared to previous periods, the importation of used vehicles into the country dropped significantly.

In year-on-year terms, the import of used vehicles fell 51% compared to 185.41 billion naira registered in the third quarter of 2021, while it was down 6.2% compared to 96.76 billion naira. registered in the previous quarter.

Nairametry reported Last month, car dealers blamed the depreciating exchange rate and the high cost of liquidation as the main contributor to the decline in vehicle imports into the country.

Others on the list include

  • Sugarcane – N86.58 billion
  • Motorcycles and bicycles – N59.86 billion
  • Filters – N59.32 billion
  • Other drugs – N48.74 billion
  • Other household appliances – N44.71 billion

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