Here you will learn about the most difficult situations when it comes to the import procedures in Nigeria. Goods, products - everything can be imported! So read on for the list of items which can be imported into Nigeria!
Importation business in Nigeria
Nigeria is the largest market in tropical Africa with a population of more than 158 million people and an annual population growth rate of 3 percent. Export of hydrocarbons is about 20 percent of country's GDP.
The growth rate of GDP fell to 5.8% in 2009 compared to 11.6% in 2008. The main reason for this decline was the impact of the global financial crisis. An important role was played by the country's financial sector reform programs in 2009.
READ ALSO: Nigeria's economy in ruins; inflation hits 16.5% record high
After the recovery of oil prices, the country's GDP began to grow again. It reached 8% in 2012.
Despite improving economic indicators and promising markets in Nigeria, lack of information about doing business did not allow sufficient development of foreign economic relations with this African country. After a while and as a result of problems in our country, import became difficult again.
List of imported goods in Nigeria
Africa prefers to by more of the kinds of products that are consumed by the maximum number of people. It is better if these products are not too expensive and have a long shelf life. Here are the TOP-5 products with the largest volume of import:
- wheat;
- corn;
- rice;
- edible oils;
- tomatoes.
As you can see, wheat takes first place. Bread is eaten by everyone: both poor and wealthy people. The highest consumption is in cities where 70% of inhabitants eat bread for breakfast or as a quick snack.
Corn (maize) - a strategic food product. About 500 million people include it in their daily diet.
In addition, it is one of the main feeds for livestock and poultry.
Rice is quite popular among inhabitants of the countries of West and Central Africa. Nigeria is the second largest importer of rice in the world after China.
Oils - another huge import item for most countries on the African continent. The largest volume happens to be palm oil.
Tomatoes and processed products are also among the leaders when it comes to popularly demanded products.
Tomato is the most popular vegetable in Nigeria. It is omnipresent- both fresh and canned. It is used by everyone, regardless of geography, social status and religion.
Findings
According to the World Bank, Nigeria ranks 154 out of 185 countries on the level of development of international trade. Today, there are some difficulties that are being encountered in the import of wheat into this country. Nigeria suspended import of wheat from Russia in order to preserve foreign exchange reserves.
Nigeria spends an average of $11 billion annually on imports of key commodities to the country.
In the current circumstances, Nigeria plans to work on improving the efficiency of domestic agricultural production. We hope that in the nearest future the country will take its place of honor in terms of imports among other countries.
READ ALSO: We are importing poison, not rice – Presidential committee
