Nigeria's imports from China during the first nine months of 2021 balloon to a value of over $15bn

NIGERIA'S imports from China during the first nine month of 2021 ballooned to a total value of N6.53trn ($15.68bn) representing 29.75% of all overseas purchases during the period according to data just published by the Nigerian Bureau of Statistics (NBS).

According to the NBS, the total value of Nigeria’s imports from all over the world during the nine months up to September 30 2021,  added up to N21.95trn. This compares with the fact that the value of goods imported from China in 2020 stood at N5.69trn, representing 29.1% of total imports from all over the world, which were valued at N19.55trn.

This shows that despite Covid-19, 2020 purchases from China as a percentage of total imports, far outpaced 2019 levels which was 25.5% of the total. The 2019 total imports from all over the world was N16.96 trillion.

Further NBS details for the nine months 2021 show that exports from Nigeria to China were valued at N486.57bn during the first none months of 2021, N633.48bn in the full year of 2020 and N595.99bn in 2019, indicating huge export deficits during the period. Consequently, the 2021 full year export figure is projected at N648bn, representing a 2%  increase in exports compared with a 40% increase in imports.

During the 30 month period spanning January 2019 to June 2021, Nigeria spent about N14.1trn on Chinese imports, representing more than 28% of total imports valued at N50.31trn. Data from China’s customs agency shows that the top five African countries that imported the most goods from China in 2021 were Nigeria $23bn or 16%, South Africa $21bn or 14%, Egypt $18bn or 12%, Ghana $8bn or 5%, and Kenya $7bn.