Reports from the National Bureau of Statistics indicate that trade between Nigeria and India has dropped, with the country no longer visible on the top five trading partners of the country.
Daily Trust reports that India, which has been one of Nigeria’s trading partners in recent times, occupied the number one position of Nigeria’s top export destination for a long time.
Figures from the NBS show that trade with the country has taken a downward trend since the third quarter of 2022 with the country dropping to second and third in Q3 and Q4 of 2023.
With crude oil making a large chunk of Nigeria’s exportation, India has been one of the major importers of the commodity but the country has turned to Russia to import the commodity which it sells at cheaper rate due to the sanctions imposed on it by G-7 countries led by the United States.
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This sanction is due to the invasion of Ukraine by Russia.
Meanwhile, the report titled, ‘Commodity Price Indices and Terms of Trade Q1 2023,’ showed Netherlands was the top destination for Nigerian goods in the first quarter of 2023.
The report stated that the value of goods exported to the country was to the tune of N837.6bn representing 12.90% of total exports during the quarter under review.
“The largest exported commodity was petroleum oils and oils obtained from bituminous minerals, crude worth N778.1bn. This was followed by superior quality cocoa beans worth N28.5bn, other petroleum gases, in gaseous state, valued at N18.8bn.”
On the other hand, the product Nigeria imported from the country during the period is motor spirit, ordinary, valued at N472bn, followed by gas oil valued at N17.3bn, other lubricating oils meant to be mixed, valued at N17.2bn and precious metal valued at N6.1bn.
The second export partner is the United States, with goods valued at N579.3bn accounting for 8.93 per cent of total export.
This is followed by Spain with goods worth N488.1bn accounting for 7.53 per cent of total exports, with the largest export commodity, petroleum oils and oils obtained from bituminous minerals, crude, worth N243.2bn. This was followed by natural gas valued at N226.5bn and Urea, N7.5bn and others.
The fourth is France, purchasing goods worth N487.3bn or 7.51 per cent of total exports in the period under review.
The fifth on the list is Indonesia with goods worth N456.6bn accounting for 7.04 per cent of total export.
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