Nigeria imported used cars worth N185bn in Q3, 2021

Nigeria Foreign Trade in Goods Statistics for Quarter Three, 2021has revealed that the country imported used vehicles worth N185.4bn.

The Statistician-General, Mr Simon Harry who disclosed this yesterday said Nigeria’s total merchandise trade rose to N13.3 trillion in Quarter Three of 2021, representing 10.43 per cent increase over  N12.02 trillion recorded in Quarter Two.

According to the recently released foreign trade report published by the National Bureau of Statistics, Nigeria spent a total of N601.51 billion on the importation of motor vehicles in the first half of the year.

This represents a 15% increase compared to N523.57 billion recorded in the corresponding period of 2020.

Nigeria is the African country importing the most used vehicles from the United States, and the third in the world, according to a  report by the United Nations Environment Programme (UNEP), adding that  Nigeria ranks just below the United Arab Emirates (UAE) and Mexico.

On the other hand, imports were mainly petrol valued at N1.05 trillion (12.91 per cent), durum wheat valued at N315.17 billion (3.87 per cent) and  gas oil N225.63 billion (2.77 per cent)

The statistician-general said export trade was mainly dominated by crude oil which amounted to N4.02 trillion (78.47 per cent) of total export in the third quarter.

This was followed by natural gas, liquefied with N487.49 billion (9.50 per cent), floating or submersible drilling platforms with N163.70 billion (3.19 per cent) and Urea, whether or not in aqueous solution with N107.17 billion (2.08 per cent).

Harry said that of the N13.3 trillion, export trade value was N5.1 trillion, while import trade was valued at N8.1 trillion, resulting to a negative trade balance of N3.02 trillion.

According to him, this was majorly due to increase in the import of Premium Motor Spirit (petrol) with N1.05 trillion from N782.46 billion, Gas Oil with N225.63 billion from N152.53 billion and other items.

“Comparing third quarter to second quarter, total trade grew by 10.43 per cent from N12.02 trillion, export trade grew by one per cent from N5.07 trillion.

“Import trade also grew by 17.32 per cent from N6.95 trillion, while trade balance recorded a deficit of 61.62 per cent from N1.87 trillion in quarter two depicting a decline.”