Nigeria’s imports from Asia hit N2.3trn

The worth of goods imported into Nigeria from Asia in 2012 is estimated to have hit N2.3 trillion, according to a report released by the National Bureau of Statistics (NBS). The figure from Asia, the NBS said, represented 41.2 percent of the country’s imports, when viewed against the total of N5,624.9 trillion worth of cargoes imported into the country in 2012 globally. According to the report, Asia topped the list of regions where Nigeria’s major imports came from, and was followed by Europe and America, which accounted for N1,490.4 billion or 26.5 percent and N1,421.9 billion or 25.3 percent, respectively.

“Within the continent of Africa, Nigeria imported goods valued at N245.6 billion or 4.4 percent out of which Economic Community of West African States (ECOWAS) accounted for N33.8 billion or 13.8 percent,” said the NBS report. Nigeria’s imports at the end of 2012, according to broad economic classification, revealed that goods not elsewhere specified accounted for N1,929.0 billion or 34.3 percent, followed by industrial supplies with N1,321.8 billion or 23.5 percent, and capital goods and parts with N957.9 billion or 17.0 percent.
The structure of import trade was still dominated by the imports of machinery and transport equipment, manufactured goods and commodities. Other major imports of Nigeria during the period under review include vehicles, aircraft and parts, vegetable products, base metals and associated articles, products of chemical and allied industries.
Sunnewsonline.com