41% of Nigeria’s N5.6 Trillion imports in 2012 originate from Asia

From Businessday
Out of a total of N5,624.9 billion worth of goods imported into the country in 2012, Asian countries accounted for N2,319.9 billion, said National Bureau of Statistics (NBS) report. This represents 41.2 percent of the country’s imports.

According to the report, the direction of import trade by economic region showed that Nigeria’s major imports came from Asia while other major imports were from 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 according to SITC 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.