China and India have solidified their positions as Nigeria’s largest sources of imports, accounting for a combined total of N20.31 trillion in 2024, according to the latest trade report from the National Bureau of Statistics.

The report indicates that China led the import chart with goods valued at N14.14 trillion, while India followed with N6.17 trillion. These figures highlight the growing economic ties between Nigeria and these Asian giants.

Nigeria’s total imports for the year stood at N37.59 trillion, with the following countries as the top sources:
– China – N14.14 trillion
– India – N6.17 trillion
– USA – N4.07 trillion
– Netherlands – N2.31 trillion
– Africa – N2.16 trillion
– France – N1.65 trillion
– Brazil – N1.36 trillion
– Spain – N1.47 trillion
– Germany – N1.26 trillion
– UK – N1.03 trillion
– Italy – N944.01 billion
– Canada – N315.38 billion
– Japan– N458.16 billion
– Oceania- N234.97 billion
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Chinese imports surged significantly from N6.6 trillion in 2023, maintaining its top position, while India retained second place with a notable increase from N2.8 trillion in 2023.

A closer look at Nigeria’s trade data for the fourth quarter of 2024 reinforces China’s dominance in the import sector. Imports from China were valued at N4.61 trillion, accounting for 27.80% of total imports. India followed with N1.90 trillion (11.43%), while Belgium supplied N1.39 trillion (8.35%). Other notable contributors included the United States with N1.06 trillion (6.36%) and France with N601.28 billion (3.62%).

The 2024 trade data underscores Nigeria’s increasing reliance on Eastern markets, particularly China and India. Several factors contribute to this shift, including competitive pricing, availability of consumer goods, flexible credit terms, and evolving geopolitical considerations.

Although the United States and European nations remain significant trade partners, their share of Nigeria’s imports has been declining relative to China and India. Over the past decade, China has strengthened its foothold in Nigeria’s economy through investments in infrastructure, manufacturing, and technology. Similarly, India has expanded its economic influence, particularly in pharmaceuticals, industrial raw materials, and consumer goods.

Further emphasizing Nigeria’s pivot towards the East, in December 2024, the Nigerian government sought South Africa’s endorsement to attain full membership in the G20, BRICS, and the BRICS New Development Bank. The BRICS bloc, comprising Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and the UAE, accounts for approximately 37% of global GDP and remains a key player in global economic growth.

As Nigeria continues to reshape its trade alliances, the country’s economic trajectory suggests a deepening partnership with Eastern economies, potentially redefining its long-term trade and investment strategy.