From 2023 to 2024, the total cost of Nigerian imports dropped -22.1% compared to $60.6 billion the year prior.
Nigeria’s 4 most valuable imported products were refined petroleum oils, wheat, phone devices including smartphones, and crude oil. That subset of leading imported goods surpassed one-quarter (25.6%) of the overall value of Nigerian imports during 2024.
Based on the exchange rate for 2024, the Nigerian naira shrank by -58.3% against the US dollar from 2023 to 2024. 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 from 2023 shows that 76.3% of products imported into Nigeria was furnished by exporters in: mainland China (18.4% of the NIgerian total), Singapore (14.3%), Belgium (9.4%), India (8%), United States of America (6.2%), Netherlands (5%), Malta (3.5%), South Korea (2.7%), Saudi Arabia (2.32%), Russia (2.32%), Brazil (2.26%) and the United Kingdom (1.9%).
Applying a continental lens, Nigeria imported 53.1% of its imported goods by value from providers located in Asia. Another 34.1% came from suppliers in Europe with another 7.4% arriving from North America.
Smaller percentages originated from exporters in Latin America (2.6%) excluding Mexico but including the Caribbean, fellow African nations (2.5%), then Oceania (0.3%) led by New Zealand and Australia.
Given Nigeria’s population of 227.7 million people, its total $60.6 billion in 2024 imports translates to roughly $210 in yearly product demand from every person in the West African country. That dollar metric lags the average $270 per capita in Nigerian spending on imported products one year earlier in 2023.
Nigeria’s Top 10 Imports
The following product groups represent the highest dollar value in Nigeria’s import purchases during 2024. Also shown is the percentage share each product category represents in terms of overall imports into Nigeria.
- Mineral fuels including oil: US$10.3 billion (21.8% of total imports)
- Machinery including computers: $4.9 billion (10.3%)
- Electrical machinery, equipment: $4.4 billion (9.3%)
- Vehicles: $3 billion (6.3%)
- Plastics, plastic articles: $2.4 billion (5.1%)
- Cereals: $1.49 billion (3.2%)
- Articles of iron or steel: $1.45 billion (3.1%)
- Manmade filaments: $1.1 billion (2.3%)
- Pharmaceuticals: $985.2 million (2.1%)
- Furniture, bedding, lighting, signs, prefabricated buildings: $933.1 million (2%)
By value, the top 10 product categories represent nearly two-thirds (65.3%) of total spending on goods imported into Nigeria during 2024.
Nigeria’s purchases of manmade filaments posted the fastest-growing increase in value among the top 10 import categories, thanks to its 3,336% increase from 2023 to 2024.
In second place were Nigeria’s imports of furniture, bedding, lighting, signs and prefabricated buildings via a 500.7% year-over-year acceleration well ahead of the 81.9% gain for exported items made from iron or steel.
The severest declining imports bought by Nigeria were vehicles (down -76.4% from 2023) then mineral fuels including oil (down -49.3%).
For more details, see the product category sections analyzed below.
Nigeria’s Most Valuable Mineral Fuel Imports Including Oil
In 2024, Nigerian importers spent the most on the following 10 subcategories of mineral fuels including oil.
- Processed petroleum oils: US$8.3 billion (down -58.3% from 2023)
- Crude oil: $1.2 billion (2023 data unavailable)
- Petroleum gases: $114.4 million (up 319.7%)
- Petroleum oil residues: $76.9 million (down -59.2%)
- Petroleum jelly, mineral waxes: $36.4 million (down -53.5%)
- Coal tar oils (high temperature distillation): $10 million (up 140%)
- Natural bitumen, asphalt, shale: $1.4 million (down -88.8%)
- Tar pitch, coke: $1.2 million (2023 data unavailable)
- Coke, semi-coke: $510,000 (up 130.8%)
- Asphalt/petroleum bitumen mixes: $475,000 (up 21.8%)
Among these import subcategories, Nigerian purchases of petroleum gases (up 319.7%), high-temperature distilled coal tar oils (up 140%), then coke or semi-coke (up 130.8%) grew at the fastest pace from 2023 to 2024.
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 2024, Nigerian importers spent the most on the following 10 subcategories of machinery.
- Temperature-change machines: US$399.8 million (up 91.3% from 2023)
- Air or vacuum pumps: $318.4 million (up 76.5%)
- Taps, valves, similar appliances: $278.2 million (down -33.7%)
- Liquid pumps and elevators: $267.2 million (down -1.8%)
- Miscellaneous machinery: $247.5 million (up 50.8%)
- Air conditioners: $230.7 million (down -2.2%)
- Computers, optical readers: $205.7 million (up 21%)
- Heavy machinery (bulldozers, excavators, road rollers): $200.3 million (up 2.6%)
- Centrifuges, filters and purifiers: $184.7 million (up 2.8%)
- Turbo-jets: $175.1 million (down -68.2%)
Among these import subcategories, Nigerian purchases of temperature-change machines (up 91.3%), air or vacuum pumps (up 76.5%), then miscellaneous machinery (up 50.8%) grew at the fastest pace from 2023 to 2024.
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 2024, Nigerian importers spent the most on the following subcategories of electric items including consumer electronics.
- Phone devices including smartphones: US$1.3 billion (up 82.2% from 2023)
- Electric storage batteries: $460.7 million (up 365.6%)
- Electrical converters/power units: $416 million (up 14.1%)
- Electric generating sets, converters: $294.6 million (up 0.4%)
- Insulated wire/cable: $277 million (up 140.5%)
- TV receivers/monitors/projectors: $194.9 million (down -8.9%)
- Solar power diodes/semi-conductors: $171.1 million (up 139.5%)
- Electrical/optical circuit boards, panels: $156 million (up 3.3%)
- Lower-voltage switches, fuses: $122.1 million (up 130.9%)
- Microphones/headphones/amplifiers: $107.5 million (up 267.6%)
Among these import subcategories, Nigerian purchases of electric storage batteries (up 365.6%), microphones, headphones and amplifiers (up 267.6%), then insulated wire or cable (up 140.5%) grew at the fastest pace from 2023 to 2024.
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 2024, Nigerian importers spent the most on the following 10 subcategories of vehicles and related products.
- Cars: US$923.8 million (down -60.6% from 2023)
- Automobile parts/accessories: $588.9 million (up 126.3%)
- Motorcycles: $416.4 million (down -8.5%)
- Tractors: $300.5 million (up 209.3%)
- Trucks: $278.7 million (down -46.3%)
- Motorcycle parts/accessories: $197.5 million (up 431.6%)
- Trailers: $84.2 million (up 36.2%)
- Special purpose vehicles: $63.8 million (down -7.1%)
- Public-transport vehicles: $60.4 million (down -19%)
- Chassis fitted with engine: $13.5 million (up 2770.3%)
Among these import subcategories, Nigerian purchases of chassis fitted with engine (up 2,770%), motorcycle parts or accessories (up 431.6%), then tractors (up 209.3%) grew at the fastest pace from 2023 to 2024.
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 8, 2025
EXCHANGE-RATES.org Nigeria Naira (NGN) to US Dollar, Exchange Rate History. Accessed on May 8, 2025
International Trade Centre, Trade Map. Accessed on May 8, 2025
Investopedia, Net Exports Definition. Accessed on May 8, 2025
Wikipedia, List of Companies of Nigeria. Accessed on May 8, 2025
Wikipedia, Nigeria. Accessed on May 8, 2025