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The National Bureau of Statistics’ findings indicate a consistent rise in Nigeria’s imports from China over the past year, contributing to the widening bilateral trade deficit in favor of China.
Analysis of foreign trade statistics from the Bureau reveals that Nigeria imported goods worth N8.4tn from China between January and September 2023. The breakdown illustrates imports of N1.29tn in Q1, N2.56tn in Q2, and N4.53tn in Q3.
Further examination of NBS data for the first nine months of 2023 discloses that Nigeria’s exports to China amounted to N126.61bn in Q1, N251.8bn in Q2, and N482.4bn in Q3, totaling N860.82bn. This highlights significant deficits during this period.
Nigeria’s primary exports to China encompass minerals, metals, agricultural products, crude oil, and other agricultural goods. In 2021, China’s Customs agency reported that Nigeria led African countries in imports from China, with imported goods valued at $23bn (approximately N9.6tn), constituting 16 percent of the total continent’s imports from China. However, Nigeria did not rank among the top five African countries in exports to China during the same period, recording only $3bn (about N1.3tn) in exports.
Experts attribute the recurring trade deficit to the persistent weaknesses in the production capacity and competitiveness of Nigerian firms. Minister of Industry, Trade and Commerce, Doris Aniete, faced scrutiny from senators last week regarding the country’s balance of trade, especially with China. Senator Adams Oshiomhole emphasized the need for countries importing goods to Nigeria to invest in local factories, leveraging the country’s population to foster industrial growth.
In response, Minister Aniete informed the joint panel that her ministry lacked records of the balance of trade. She mentioned the initiation of a new unit, the Trade Intelligence Unit, aimed at generating and storing such data for future reference.
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