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Nigeria spent N181bn on motorcycles’ importation in second half of 2023

The importation of motorcycles, popularly known as Okada in Nigeria has risen to N181.1bn in the second half of 2023 representing a 159 per cent…

The importation of motorcycles, popularly known as Okada in Nigeria has risen to N181.1bn in the second half of 2023 representing a 159 per cent rise from N69.8bn spent in the half of 2023.

The National Bureau of Statistics disclosed this in its Foreign Trade in Goods Statistics report, stating that the importation bill on motorcycles was N38.5bn in the first quarter of 2023.

It reduced to N31.2bn in the second quarter but rose to N96.1bn in the third quarter while N84.9 was spent on the product in the fourth quarter.

In total, N251bn was spent on motorcycle importation in 2023.

The figure is higher than the N212.6bn spent in 2022 but lower than the N367.3bn spent in 2021.

Meanwhile, the report stated that the value of total exports stood at N12.6tr, representing an increase of 22.68 per cent from the trade recorded in Q3, 2023 and by 99.60 per cent when compared to the value recorded in Q4 2022.

It noted that exports by sections indicated that Nigeria exported mainly ‘mineral products’ which amounted to N11.6tr, or 91.90 per cent; followed by vegetable products worth N266.3bn 2.10 per cent and ‘Products of the chemical and allied industries’, valued at N266.3bn or 2.10 per cent of the value of total exports.

“Exports trade by region in Q4, 2023 shows that Nigeria exported goods mainly to Europe valued at N5.9tr billion or 46.94 per cent of total exports, followed by exports to Asia valued at N3.2tr or 25.78 per cent of total exports, exports to America was valued at ₦2.1tr, 16.71 per cent of total exports while export to other African countries stood at N1.2tr or 9.93 per cent of total exports of which N686.7bn worth of goods were exported to ECOWAS Member States.”

For imports, its value is N14.1tr accounting for 52.64 per cent of total trade. “Imports value increased by 56.04 per cent in Q4, 2023 compared to the value recorded in Q3, 2023 and by 163.08 per cent when compared to the value in Q4, 2022.”

It said the top-ranked group import was “machinery and transport equipment” with N7.2tr or 51.55 per cent of total imports, followed by “mineral fuels” with N3.3tr or 23.69 per cent of total imports, and “Food and Live Animals” with N1.1tr or 8.01 per cent of total imports.