From 2022 to 2023, the total cost of Nigerian imports flatlined via a modest 0.1% upturn compared to $60.5 billion the year prior.
Nigeria’s 4 most valuable imported products were refined petroleum oils, armored vehicles including tanks, cars and wheat. That subset of leading imported goods surpassed one-half (54.3%) of the overall value of Nigerian imports during 2023.
Based on our calculated exchange rate for 2023, the Nigerian naira shrank by -397.2% against the US dollar since 2019 and fell by -258.2% from 2022 to 2023. Nigeria’s weaker local currency makes its imports paid for in stronger US dollars relatively more expensive for Nigerian importers starting from the naira.
Nigeria’s Major Suppliers for Imported Products
The latest available country-specific data shows that 76.3% of products imported into Nigeria was furnished by exporters in: mainland China (18.4% of the NIgerian total), Singapore (14.3%), Belgium (9.4%), India (8%), United States of America (6.2%), Netherlands (5%), Malta (3.5%), South Korea (2.7%), Saudi Arabia (2.32%), Russia (2.32%), Brazil (2.26%) and the United Kingdom (1.9%).
Applying a continental lens, Nigeria imported 53.1% of its imported goods by value from providers located in Asia. Another 34.1% came from suppliers in Europe with another 7.4% arriving from North America.
Smaller percentages originated from exporters in Latin America (2.6%) excluding Mexico but including the Caribbean, fellow African nations (2.5%), then Oceania (0.3%) led by New Zealand and Australia.
Given Nigeria’s population of 222.2 million people, its total $60.6 billion in 2023 imports translates to roughly $270 in yearly product demand from every person in the West African country. That dollar metric lags the average $280 per capita in Nigerian spending on imported products one year earlier in 2022.
Nigeria’s Top 10 Imports
The following product groups represent the highest dollar value in Nigeria’s import purchases during 2023. Also shown is the percentage share each product category represents in terms of overall imports into Nigeria.
- Mineral fuels including oil: US$20.3 billion (33.4% of total imports)
- Vehicles: $12.5 billion (20.6%)
- Machinery including computers: $5.7 billion (9.4%)
- Electrical machinery, equipment: $2.9 billion (4.8%)
- Cereals: $2.04 billion (3.4%)
- Plastics, plastic articles: $1.7 billion (2.8%)
- Sugar, sugar confectionery: $1 billion (1.7%)
- Paper, paper items: $856.6 million (1.4%)
- Articles of iron or steel: $798.3 million (1.3%)
- Organic chemicals: $706.5 million (1.2%)
By value, the top 10 categories represent four-fifths (80%) of total spending on goods imported into Nigeria during 2023.
Nigeria’s purchases of vehicles bought from foreign suppliers posted the fastest-growing increase in value among the top 10 import categories, thanks to its 283.9% increase from 2022 to 2023.
The other increase in spending was Nigeria’s imports of sugar including confectionery made with sugar via a 12% year-over-year increase.
The severest declining imports into Nigeria were plastics both as materials and items made from plastic (down -27.1% from 2022), items made from iron or steel (down -18.8%), then organic chemicals (down -18.2%).
For more details, see the product category sections analyzed below.
Nigeria’s Most Valuable Mineral Fuel Imports Including Oil
In 2023, Nigerian importers spent the most on the following 10 subcategories of mineral fuels including oil.
- Processed petroleum oils: US$19.9 billion (down -15.3% from 2022)
- Petroleum oil residues: $188.3 million (down -19.1%)
- Petroleum jelly, mineral waxes: $78.3 million (up 12.1%)
- Petroleum gases: $27.2 million (up 5.0%)
- Natural bitumen, asphalt, shale: $12.1 million (up 54.2%)
- Coal, solid fuels made from coal: $5.6 million (down -88.8%)
- Coal tar oils (high temperature distillation): $4.2 million (up 12.8%)
- Asphalt/petroleum bitumen mixes: $390,000 (down -44.7%)
- Coke, semi-coke: $221,000 (down -61.7%)
- Peat: $108,000 (down -70.7%)
Among these import subcategories, Nigerian purchases of natural bitumen, asphalt and shale (up 54.2%), high temperature distilled coal tar oils (up 12.8%), then petroleum jelly and mineral waxes (up 12.1%) grew at the fastest pace from 2022 to 2023.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of mineral fuels-related imports among Nigerian businesses and consumers.
Nigeria’s Most Valuable Vehicle and Related Imports
In 2023, Nigerian importers spent the most on the following 10 subcategories of vehicles and related products.
- Armored vehicles, tanks: US$8.5 billion (up 15,302% from 2022)
- Cars: $2.3 billion (up 69.8%)
- Trucks: $518.7 million (down -2.1%)
- Motorcycles: $455 million (down -19.2%)
- Automobile parts/accessories: $260.2 million (up 29.9%)
- Tractors: $97.1 million (down -15.8%)
- Public-transport vehicles: $74.6 million (down -1.2%)
- Special purpose vehicles: $68.7 million (down -1.3%)
- Trailers: $61.8 million (down -31.9%)
- Motorcycle parts/accessories: $37.2 million (down -5.9%)
Among these import subcategories, Nigerian purchases of armored vehicles including tanks (up 15,302%), cars (up 69.8%) then automobile parts or accessories (up 29.9%) grew from 2022 to 2023.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of vehicles-related imports among Nigerian businesses and consumers.
Nigeria’s Most Valuable Machinery Imports
In 2023, Nigerian importers spent the most on the following 10 subcategories of machinery.
- Turbo-jets: US$551.3 million (up 58.2% from 2022)
- Machinery for making semi-conductors: $465.9 million (up 91.6%)
- Taps, valves, similar appliances: $419.8 million (down -56.9%)
- Liquid pumps and elevators: $272.2 million (down -22.8%)
- Air conditioners: $235.9 million (down -0.3%)
- Machinery parts: $234 million (up 167.3%)
- Temperature-change machines: $209 million (down -15%)
- Heavy machinery (bulldozers, excavators, road rollers): $195.2 million (up 8.1%)
- Air or vacuum pumps: $180.4 million (up 12.3%)
- Centrifuges, filters and purifiers: $179.6 million (down -14.7%)
Among these import subcategories, Nigerian purchases of machinery parts (up 167.3%), machinery for making semi-conductors (up 91.6%), then turbo-jets (up 58.2%) grew at the fastest pace from 2022 to 2023.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of machinery-related imports among Nigerian businesses and consumers.
Nigeria’s Most Valuable Electrical Imports
In 2023, Nigerian importers spent the most on the following subcategories of electric items including consumer electronics.
- Phone devices including smartphones: US$704.8 million (down -8.9% from 2022)
- Electrical converters/power units: $364.7 million (up 2.1%)
- Electric generating sets, converters: $293.4 million (down -16.6%)
- TV receivers/monitors/projectors: $213.8 million (down -8.5%)
- Electrical/optical circuit boards, panels: $151 million (up 42.6%)
- Electric motors, generators: $122.6 million (up 5%)
- Insulated wire/cable: $115.2 million (down -27.1%)
- Unrecorded sound media: $105.9 million (down -48.8%)
- Electric storage batteries: $98.9 million (down -21.2%)
- Solar power diodes/semi-conductors: $71.5 million (down -42.9%)
Among these import subcategories, Nigerian purchases of electrical or optical circuit boards and panels (up 42.6%), electric motors and generators (up 5%), then electrical converters or power units (up 2.1%) grew from 2022 to 2023.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported electrical products among Nigerian businesses and consumers.
See also Nigeria’s Top 10 Exports, Nigeria’s Top Trading Partners and Top African Export Countries
Research Sources:
Central Intelligence Agency, The World Factbook Africa: Nigeria. Accessed on July 15, 2024
International Monetary Fund, Exchange Rates selected indicators (National Currency per U.S. dollar, period average). Accessed on July 15, 2024
International Trade Centre, Trade Map. Accessed on July 15, 2024
Investopedia, Net Exports Definition. Accessed on July 15, 2024
Wikipedia, List of Companies of Nigeria. Accessed on July 15, 2024
Wikipedia, Nigeria. Accessed on July 15, 2024