diff --git a/package.json b/package.json
index 16d1203..ea632a0 100644
--- a/package.json
+++ b/package.json
@@ -43,7 +43,7 @@
   },
   "devDependencies": {
     "@babel/core": "^7.20.12",
-    "@loadable/babel-plugin": "^5.15.3",
+    "@loadable/babel-plugin": "^5.16.1",
     "@loadable/component": "^5.16.2",
     "@loadable/server": "^5.16.2",
     "@loadable/webpack-plugin": "^5.15.2",
diff --git a/src/next-dynamic-loadable-shim.tsx b/src/next-dynamic-loadable-shim.tsx
index 389955e..d8b775f 100644
--- a/src/next-dynamic-loadable-shim.tsx
+++ b/src/next-dynamic-loadable-shim.tsx
@@ -33,18 +33,13 @@ export default function (
     // so the following is a bit hacky but allows us to preload all promises before rendering
     // and then return the right component in `resolveComponent`.
     const possiblePromise =
-      typeof dynamicImport === 'function'
-        ? // @ts-ignore
-          dynamicImport()
-        : 'requireSync' in dynamicImport
-        ? // @ts-ignore
-          dynamicImport.requireSync()
-        : undefined
-    if (typeof possiblePromise === 'undefined') {
+      // @ts-ignore
+      'requireSync' in dynamicImport && dynamicImport.requireSync()
+    if (!possiblePromise) {
       throw new Error(
         `[next-static] Unable to convert dynamic import of ${String(
           possiblePromise
-        )}.`
+        )}. Please make sure you have the latest version (>= 5.16.1 of \`@loadable/babel-plugin\`) installed`
       )
     }
     if (possiblePromise.then) {
diff --git a/src_cjs/babel/index.ts b/src_cjs/babel/index.ts
index 2e0d8cb..ccba0a7 100644
--- a/src_cjs/babel/index.ts
+++ b/src_cjs/babel/index.ts
@@ -8,7 +8,7 @@ export default (api: any, options?: any): any => {
     plugins: [
       [
         require('@loadable/babel-plugin'),
-        { defaultImportSpecifier: 'dynamic' },
+        { signatures: [{name: 'default', from: 'next/dynamic'}] },
       ],
       ...(result.plugins?.filter((plugin) => {
         return plugin.default !== loadablePlugin
diff --git a/yarn.lock b/yarn.lock
index e1ed6a6..d2b4a3f 100644
--- a/yarn.lock
+++ b/yarn.lock
@@ -448,7 +448,7 @@ __metadata:
   resolution: "@freshcells/next-static-components@workspace:."
   dependencies:
     "@babel/core": ^7.20.12
-    "@loadable/babel-plugin": ^5.15.3
+    "@loadable/babel-plugin": ^5.16.1
     "@loadable/component": ^5.16.2
     "@loadable/server": ^5.16.2
     "@loadable/webpack-plugin": ^5.15.2
@@ -849,14 +849,14 @@ __metadata:
   languageName: node
   linkType: hard
 
-"@loadable/babel-plugin@npm:^5.15.3":
-  version: 5.15.3
-  resolution: "@loadable/babel-plugin@npm:5.15.3"
+"@loadable/babel-plugin@npm:^5.16.1":
+  version: 5.16.1
+  resolution: "@loadable/babel-plugin@npm:5.16.1"
   dependencies:
-    "@babel/plugin-syntax-dynamic-import": "npm:^7.7.4"
+    "@babel/plugin-syntax-dynamic-import": ^7.7.4
   peerDependencies:
     "@babel/core": ^7.0.0-0
-  checksum: bea73fb9019e2b5d7418b52cfb63abd6838291ccc2ad64f65c7c17ff7eb1dae5dc4b471cf9a1df39a89cc8ab6fdfac47cae66f1d9827cb91478416708b96bbb9
+  checksum: f7a1eed76ca6749d66f44d5d690c5812870cda7005fb02ac31135ad99d444d73919c3d31cbbcd94c7c9444641161406b4c42e44a9fee479f533ffafc62f8ad58
   languageName: node
   linkType: hard