From 2021 to 2022, the total cost of Nigerian imports rose 15.3% compared to $52.4 billion the year prior.
Nigeria’s 3 most top imported products are refined petroleum oils, cars and wheat. That trio of leading imported goods approached one-half (45%) of the overall value of Nigerian imports during 2022.
Based on the average exchange rate for 2022, the Nigerian naira depreciated by -39.2% against the US dollar since 2018 and fell by -6.2% from 2021 to 2022. 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 75.7% of products imported into Nigeria were furnished by exporters in: mainland China (22.7% of the NIgerian total), Netherlands (10.4%), Belgium (10.3%), India (7.9%), United States of America (5.6%), South Korea (3.5%), Norway (3.3%), France (3.2%), United Arab Emirates (2.7%), United Kingdom (2.2%), Germany (2%) and Brazil (1.9%).
Applying a continental lens, Nigeria imported 46.2% of its imported goods by value from Asia. Another 41.3% came from suppliers in Europe with another 6.5% arriving from North America.
Smaller percentages originated from fellow African nations (2.9%), Latin America (2.7%) excluding Mexico but including the Caribbean, then Oceania (0.5%) led by New Zealand and Australia.
Given Nigeria’s population of 216.7 million people, its total $60.5 billion in 2022 imports translates to roughly $280 in yearly product demand from every person in the West African country. That dollar metric exceeds the average $250 per capita in Nigerian spending on imported products one year earlier in 2021.
Nigeria’s Top 10 Imports
The following product groups represent the highest dollar value in Nigeria’s import purchases during 2022. Also shown is the percentage share each product category represents in terms of overall imports into Nigeria.
- Mineral fuels including oil: US$23.9 billion (39.6% of total imports)
- Machinery including computers: $6.9 billion (11.4%)
- Electrical machinery, equipment: $3.5 billion (5.7%)
- Vehicles: $3.3 billion (5.4%)
- Plastics, plastic articles: $2.32 billion (3.8%)
- Cereals: $2.27 billion (3.8%)
- Optical, technical, medical apparatus: $1.2 billion (2%)
- Pharmaceuticals: $1.1 billion (1.7%)
- Other chemical goods: $1.03 billion (1.7%)
- Organic chemicals: $1.02 billion (1.7%)
By value, the top 10 categories represent more than three-quarters (76.8%) of imported goods into Nigeria during 2022.
Nigeria’s purchases of imported mineral fuels including oil posted the fastest-growing increase in value among the top 10 import categories, thanks to its 47.2% increase from 2021 to 2022. The biggest acceleration was for Nigerian imports of refined petroleum oil.
In second place for higher purchases were imported organic chemicals. Nigeria’s imports of electrical machinery and equipment generated an 11.9% year-over-year increase.
The major declining category was the pharmaceuticals product group due to its -23.1% drop from 2021, outpacing the -17.7% drop for Nigeria’s imports of cereals including wheat.
For more details, see the product category sections analyzed below.
Nigeria’s Most Valuable Mineral Fuel Imports Including Oil
In 2022, Nigerian importers spent the most on the following 10 subcategories of mineral fuels including oil.
- Processed petroleum oils: US$23.5 billion (up 48.6% from 2021)
- Petroleum oil residues: $232.7 million (up 1.8%)
- Petroleum jelly, mineral waxes: $69.9 million (down -5.2%)
- Coal, solid fuels made from coal: $50.1 million (up 154.8%)
- Petroleum gases: $26 million (down -67.9%)
- Natural bitumen, asphalt, shale: $7.9 million (up 3.1%)
- Coal tar oils (high temperature distillation): $3.7 million (down -31.7%)
- Asphalt/petroleum bitumen mixes: $705,000 (up 0.3%)
- Coke, semi-coke: $577,000 (2021 data unavailable)
- Peat: $369,000 (up 6.6%)
Among these import subcategories, Nigerian purchases of coal including solid fuels made from coal (up 154.8%), processed petroleum oils (up 48.6%), then peat (up 6.6%) grew at the fastest pace from 2021 to 2022.
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 Machinery Imports
In 2022, Nigerian importers spent the most on the following 10 subcategories of machinery.
- Taps, valves, similar appliances: US$973.1 million (up 37.4% from 2021)
- Liquid pumps and elevators: $352.6 million (down -0.1%)
- Turbo-jets: $348.6 million (up 119.2%)
- Temperature-change machines: $245.8 million (down -27.1%)
- Machinery for making semi-conductors: $243.1 million (up 568.6%)
- Air conditioners: $236.7 million (down -0.3%)
- Rubber/plastic article making machines: $225.4 million (down -44.7%)
- Transmission shafts, gears, clutches: $219.2 million (up 70.9%)
- Miscellaneous machinery: $215.4 million (up 13.3%)
- Centrifuges, filters and purifiers: $210.4 million (down -42.1%)
Among these import subcategories, Nigerian purchases of machinery for making semi-conductors (up 568.6%), turbo-jets (up 119.2%), then transmission shafts, gears and clutches (up 70.9%) grew at the fastest pace from 2021 to 2022.
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 2022, Nigerian importers spent the most on the following subcategories of electric items including consumer electronics.
- Phone devices including smartphones: US$773.6 million (up 0.2% from 2021)
- Electrical converters/power units: $357.4 million (up 31.2%)
- Electric generating sets, converters: $351.8 million (up 4%)
- TV receivers/monitors/projectors: $233.6 million (up 4.4%)
- Unrecorded sound media: $157.9 million (down -9.2%)
- Electric storage batteries: $125.6 million (up 41.6%)
- Solar power diodes/semi-conductors: $125.2 million (up 252.3%)
- Insulating fitting: $122.3 million (down -28.4%)
- Electric motors, generators: $116.8 million (up 33.7%)
- Electrical/optical circuit boards, panels: $105.9 million (down -18.6%)
Among these import subcategories, Nigerian purchases of solar power diodes and semi-conductors (up 252.3%), electric storage batteries (up 41.6%), then electric motors or generators (up 33.7%) grew at the fastest pace from 2021 to 2022.
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.
Nigeria’s Most Valuable Vehicle and Related Imports
In 2022, Nigerian importers spent the most on the following 10 subcategories of vehicles and related products.
- Cars: US$1.4 billion (down -21.4% from 2021)
- Motorcycles: $563.1 million (down -9.1%)
- Trucks: $529.9 million (up 48.6%)
- Automobile parts/accessories: $200.3 million (up 17.6%)
- Tractors: $115.4 million (down -20.6%)
- Trailers: $90.8 million (up 79.7%)
- Baby carriages: $80.9 million (up 96%)
- Public-transport vehicles: $75.5 million (down -18.1%)
- Special purpose vehicles: $69.6 million (up 43.5%)
- Armored vehicles, tanks: $55.5 million (up 15.2%)
Among these import subcategories, Nigerian purchases of baby carriages (up 96%), trailers (up 79.7%), then trucks (up 48.6%) grew at the fastest pace from 2021 to 2022.
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.
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 May 22, 2023
International Monetary Fund, Exchange Rates selected indicators (National Currency per U.S. dollar, period average). Accessed on May 22, 2023
International Trade Centre, Trade Map. Accessed on May 22, 2023
Investopedia, Net Exports Definition. Accessed on May 22, 2023
Wikipedia, List of Companies of Nigeria. Accessed on May 22, 2023
Wikipedia, Nigeria. Accessed on May 22, 2023