Nigeria Spent N4.5Billion On Fuel, Other Oil Products Importation In Q1 2024, Over 32% Increase On Q4 2023 Figure–NBS Report
The NBS talked about that the cost of Nigeria’s whole imports stood at N12.643 billion in the first quarter of the 365 days, representing an lengthen of 39.65% compared to the cost recorded in Q4 2023 which turned into once N9.053 billion, and a upward thrust of 95.fifty three% from the cost recorded in the first quarter of 2023 which turned into once N6.466 billion.
The Nationwide Bureau of Statistics (NBS) has published in its document that President Bola Tinubu’s authorities spent the sum of N920.54 billion on the importation of agricultural goods in the 2024 first quarter (Q1).
In accordance with the Bureau, Nigeria’s agricultural goods importation in the quarter below evaluation showed an lengthen of 29.forty five% when put next to N711.14 billion the country recorded in the fourth quarter (Q4) of 2023, and a 95.28% upward thrust compared to N471.39 billion recorded in Q1 2023.
The document extra talked about that in Q1 2024, the Nigerian authorities spent a whole of N4.445 billion on oil product importation, exhibiting an lengthen of 32.90% from N3.344 billion recorded in Q4 2023 and a 48.28% upward thrust from N2.998 billion recorded in Q1 2023.
The NBS talked about that the cost of Nigeria’s whole imports stood at N12.643 billion in the first quarter of the 365 days, representing an lengthen of 39.65% compared to the cost recorded in Q4 2023 which turned into once N9.053 billion, and a upward thrust of 95.fifty three% from the cost recorded in the first quarter of 2023 which turned into once N6.466 billion.
The document reads, “The value of agricultural goods imported in Q1 2024 turned into once N920.54 billion, reflecting an lengthen of 29.forty five% when put next to N711.14 billion in Q4 2023, and a 95.28% upward thrust compared to N471.39 billion in Q1 2023.
“In Q1 2024, raw area subject imports include been valued at ₦1,467.41 billion. This represents a 51.78% lengthen from ₦966.80 billion in Q4 2023 and a valuable upward thrust of 164.18% from ₦555.47 billion in Q1 2023.
“Within the first quarter of 2024, solid mineral imports include been valued at N71.38 billion. This represents a 21.15% lengthen from N58.92 billion in Q4 2023 and a 59.23% lengthen from N44.83 billion in Q1 2023.
“Within the reviewed quarter, the cost of imported manufactured goods turned into once N5.738 billion, reflecting a 44.47% lengthen from ₦3.971 billion in Q4 2023 and a 139.47% upward thrust from N2.396 billion in Q1 2023.
“The value of more than a few oil merchandise imports in Q1,2024 stood at N4.445 billion exhibiting an lengthen of 32.90% from N3.344 billion in Q4 2023 and a 48.28% upward thrust from N2.998 billion in Q1 2023.”
The NBS talked about that in the first quarter of the 365 days below evaluation, China ranked perfect among the many head buying and selling partners on the import facet, adopted by India, the
In accordance with the Bureau, the most traded commodities include been gasoline, Gasoline oil, Durum wheat (No longer in seeds), Cane sugar meant for sugar refinery, and varied liquefied petroleum gases and varied gaseous hydrocarbons.
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