(Ecofin Agency) - China has emerged as Nigeria’s leading source of imported goods with an import value of $1.6 billion, about 20% of the country’s total imports, Nigerian Bureau of Statistics’ (NBS) merchandise trade data revealed.

According to the NBS’ latest foreign trade statistics for the third quarter of 2016, besides China, Belgium is the second largest source of imports during this period, with an import value of $1.1 billion. The data estimates the total value of trade at N4.72 trillion, an increase of 16% from the second quarter while total exports during the same period stood at N2.31 trillion.

Imports from other African countries reached $290 million as ECOWAS countries accounted for just 10% of Nigeria’s total trade. Meanwhile, in terms of exports, crude oil was the largest with a total value of $6.2 billion, while the total value of agricultural products exported stood at $50 million.

Analysts at FBN Quest have said that the increase in imports in the first three quarters of last year was as a result of the weakness of the naira exchange rate.

“Nigeria is heavily dependent on imports. However, given the current foreign exchange illiquidity, we expect the FGN’s import substitution strategy to have a significant impact over time. Furthermore, consistent growth in agriculture and a significant boost in the manufacturing sector should make the country more export-oriented in the medium term,” they said.

Anita Fatunji