Nigeria records N2trn trade surplus in Q2 2022
Apapa port

The amount spend by Nigerians on importing motorcycles rose quarter-on-quarter (QoQ) by 22 per cent to N74.6 billion in the first quarter of 2022, Q1’22, from N61.25 billion in Q4’21.

This is according to data from the National Bureau of statistics (NBS)

However, the Q1’22 figure represented a 37 percent decline year-on-year (YoY) against the N117.65 billion recorded in Q1’21.

The NBS Foreign Trade in Goods Statistics report stated, “In the first quarter of 2022, manufactured goods mainly imported were ‘Safety or relief valves’ from France and China worth N70.2 billion and N3.30 billion followed by ‘Motorcycles and cycles fitted with an auxiliary motor.

The rise in the motorcycle import bills has been steady since last year after an unexplained decline in the second quarter of 2021.

This is even a number of states, including Lagos and Anambra, among others have implemented policies of commercial motorcycles operation restriction

 

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