Singapore, China Flood Nigerian Ports With N13.6trn Used Vehicles
Singapore, China and the United States are among the 10 top countries that flooded Nigerian ports with N13.6 trillion worth of vehicles in the last quarter of 2023. Findings from National Bureau of Statistics (NBS) revealed that Lagos Port alone received the highest imports valued at N10.83 trillion or 76.77 per cent of total imports. This was followed by Tin Can Island Port which accounted for goods worth N1.18 trillion or 8.37 per cent, port and terminal Multiservices Limited (PTML), N267.72 billion, while Onne Port handled N556.14 billion or 3.94 per cent of total imports.
According to the bureau top importing countries are Singapore with N5.09 trillion ports; China, N2.06 trillion; Belgium, N1.1 trillion; India, 908.59 billion; United States N512.98 billion; Netherlands, N483 billion; South Korea, N304.61 billion; Malta, N291.97 billion; Brazil, N282.26 and Italy, N239. 66 billion. It added that the 10 countries accounted for 80 per cent of the total imports, noting that 96 per cent of the goods were shipped by sea to the country, saying that imported goods by Nigeria from Asia were valued at ₦9.45 trillion or 66.99 per cent of total imports.
The bureau added that used vehicles, with diesel or semi diesel engines, of cylinder capacity >2500cc valued at N121.83 billion were ferried to the country in last three months of 2023, stressing that tanks and other armoured fighting vehicles, motorised, whet imports were worth N5.06 trillion. Also, it said that the ports took delivery of N84.95 billion worth of motorcycles and cycles fitted with auxiliary motor, petrol fuel, capacity >50<250cc, and Complete Knock Down (CKD).
According to the bureau, “manufactured goods mainly imported were ‘tanks and other armoured fighting vehicles, motorised, where from Singapore valued at N5,061.24 billion followed by ‘used vehicles, with diesel or semi diesel engine, of cylinder capacity >2500cc’ also imported from the United States and Italy valued at N94.27 billion and N6.69 billion respectively. “Other goods imported in this category were ‘parts of other gas turbines not specified’ from The United States and Germany at N1.14 billion and N1.12 billion respectively as well as ‘machines for reception, conversion and transmission of voice, images or data,’ from China valued at N6.46 billion.”
It added that imports of agricultural goods in Q4’23 stood at N711.14 billion or 5.04 per cent of total imports in Q4’23, say ing this represents an increase of 10.48 per cent compared to the value recorded in Q3’23 (N643.68 billion) and by 59.87 per cent when compared to the value recorded in Q4’22 (N444.82 billion). The bureau said: “The major agriculture goods imported in Q4, 2023 included ‘durum wheat (not in seeds)’ from Latvia with N111.72 billion and Poland with N74.67 billion. This was followed by ‘malt not roasted’ from Belgium and The Netherlands valued at N15.26 billion and N12.15 respectively.
“During the fourth quarter of 2023, total imports were valued at N14.12 trillion, accounting for 52.64 per cent of total trade. Imports value increased by 56.04 per cent in Q4’23 compared to the value recorded in Q3’23 and by 163.08 per cent when compared to the value in Q4’22. “Analysis by Standard International Trade Classification (ASITC) shows that the top-ranked group import was “machinery and transport equipment” with N7.27 trillion or 51.55 per cent of total imports this was followed by “mineral fuels” with ₦3.34 trillion or 23.69 per cent of total imports and “food and live animals” with N1.13 trillion or 8.01 per cent of total imports
