Import of Goods Value from Nigeria (1990-2023)

Nigeria's imports rose from $5.6B in 1990 to $60.3B in 2022, highlighting its growing reliance on foreign goods to meet domestic demand. Key growth occurred between 2005 and 2008, with imports jumping from $20.7B to $49.9B, driven by rising energy investments and consumer demand.

The 2016 economic recession caused imports to dip to $35.5B, but recovery brought imports to $60.3B in 2022, driven by rising fuel and industrial goods demand. The decline to $49.4B in 2023 reflects ongoing economic pressures and currency fluctuations. Nigeria’s trade trends underscore its dependency on imports to fuel industrialization and consumer needs.