Seven Products Costing Nigeria Much Money To Import

Petrol:

Petrol also known as Premium Motor Spirit (PMS) or Ordinary Motor Spirit maintained the top spot as the product costing Nigeria much money to import. Nigeria spent N1.19 trillion on the importation of petrol, accounting for 21.18% of the total product imported in Q3.

Gas:

Nigeria imported gas worth N261.59 billion in Q3 of 2022, that is 4.62% of the country’s total imports for the quarter. Although this amount of gas imported for this period is 26.8% lower than N357.37 billion recorded in Q2 of 2022, it represents a 15.9% increase when compared to the N225.63 billion recorded in the corresponding period of 2021.

Durum Wheat:

Nigeria imported Durum Wheat worth N252.62 billion in Q3 of 2022, that is a 4.1% increase from Q2 to Q3, accounting for 4.46% of the total imports recorded in the same period. Durum wheat is a variety of spring wheat that’s typically ground into semolina and used to make pasta. It is also finely ground and used to prepare couscous, bulgur, noodles and bread.

Jet Fuel:

The country spent N93.03 billion on the importation of kerosene-type jet fuel in Q3 of 2022, which amounts to 1.64% of its total imports. Jet Fuel import in Nigeria decreased by 8.9% compared to N102.14 billion recorded in the previous quarter.

Used Vehicle (Tokunbo Vehicles):

Nigerians imported used vehicles valued at N90.78 billion in Q3 of 2022, that accounts for 1.6% of the total bill. This is a considerable deduction in this market when compared to previous periods. Annually used vehicle import fell by 51% to N185.41 billion recorded in Q3 2021, while it reduced by 6.2% in contrast to N96.76 billion recorded in the previous quarter.

Sugar Cane:

In Q3 of 2022, Nigeria spent about N86.58 billion importing sugar cane.

Filters:

These cost Nigeria about N59.32 billion to import this third quarter of 2022. Medications and appliances cost Nigeria N48.74 billion and N44.71 billion respectively in Q3 of 2022.