Nigeria's Imports to Focus on Asia by 2026, Warns Rewane

Bismarck Rewane, Chief Executive Officer of Financial Derivatives Company (FDC), has indicated that Nigeria's import structure is expected to remain heavily concentrated in the Asian market by 2026. This trend is attributed to increasing dependence on external factors and the potential for geopolitical crises to disrupt global trade routes.

In 2025, imports from Europe are projected to decline by 23.51%, amounting to ₦17.44 trillion, compared to ₦22.80 trillion in 2024, despite an overall import increase of 11.16% to ₦67.35 trillion. Consequently, Europe's share of total imports is expected to fall from 25.90% to 37.63%.

This shift towards Asia is driven by lower costs and resilient supply chains, but raises concerns about reduced access to high-value capital goods from Europe, which could constrain industrial growth. The Nigerian federal government has unveiled an AI strategy aimed at boosting employment and reducing imports, targeting to equip 70% of youth aged 16-35 with AI skills to address unemployment.