India tops Nigeria’s foreign trade – NBS | Dailytrust

India tops Nigeria’s foreign trade – NBS

  President Buhari with Indian Prime Minister Narenda Modi
President Buhari with Indian Prime Minister Narenda Modi

India was the top trading partner for Nigeria in the fourth quarter of 2021, a report by the National Bureau of Statistics (NBS) has disclosed.

The report said India bought goods worth N874.9bn from Nigeria, amounting to 15.2 percent of total exports.

A breakdown of the trade indicated that the largest commodity bought by India was petroleum oils and oils obtained from bituminous minerals, crude at N774.5bn, followed by natural gas liquefied at N89.8bn and liquefied petroleum gas N6.7bn.

Conversely, Nigeria bought goods from India to the tune of N430.4bn, of which, kerosene type jet fuel ranked highest with a value of N40.1bn.

Trade with Spain ranked second with export valued at N789.2bn representing 13.7 percent of total exports. It stated that the largest exported commodity to Spain was petroleum oils and oils obtained from bituminous minerals, crude at N624bn. “This was followed by natural gas, liquefied N159.8bn, leather further prepared after tanning/crusting N1.7bn and others.”

On the other side, Nigeria imported goods amounting to N68.2bn with mixed alkylbenzenes &mixed alkylanaphthalenes, valued at N13.2bn as the highest traded commodity during the period under review, followed by motor spirit ordinary valued at N13bn, gas oil valued at N8.0bn “gypsum; anhydrite whether or not coloured, with/without small quantities of accelerators 7.9bn and others were imported from Spain.”

Also, export to Netherlands was valued at N425.9bn making 7.4 percent of total export. Major commodities exported during the period were petroleum oils and oils obtained from bituminous minerals, crude N383.6bn.

Fermented Nigerian cocoa beans worth N25.2bn and superior quality raw cocoa beans at N8.8bn were exported.

On the other hand, import from Netherlands was valued at N416.5bn followed by motor spirit ordinary worth N353.3bn, herrings N6.2bn and kerosene type jet fuel valued at N6.2bn.

Export to France was valued at N485.4bn indicating 8.4 percent of total exports in the fourth quarter of 2021.

The report said the value of trade was largely dominated by exports of petroleum oils and oils obtained from bituminous minerals, crude valued at N473.8bn, Oil-cake and other solid residues resulting from the extraction of soya beans were bought from Nigeria at the value of N8.4m, Cocoa butter, fat and oil N1bn.

Conversely, the value of imports from France stood at N137bn. The largest import commodity from France was motor spirits N73.8bn, malt (not roasted) N3.1 bn and anti-malaria drug valued at N2.8bn.

It added that China remains a major trading partner of Nigeria with a N244.2bn export representing 4.2 percent.

The exported products were petroleum oils and oils obtained from bituminous minerals, crude valued at N92.8bn, Natural gas for N71.6bn, followed by propane, liquefied which was valued at N21bn.

“In terms of imports from China, goods worth N1.652trn were imported within period under review. Top ranked was “Rolled iron steel, width 600mm, other painted, varnished or coated with plastics ranked first with a value of N88.2bn. This was followed by machines for the reception, conversion & transmission or regeneration of voice, images or and other instruments, appliances and machines for measuring or checking, of voice, image valued at N59.2bn and N54.6bn respectively.

The report added that All commodity group import index increased by 0.47 percent between October and December 2021.

“This was driven mainly by an increase in the prices of products of textiles and textile articles.

For the all-commodity group, import price index grew due to the prices of vehicles, aircraft and parts of vessels. Similarly, increases in the prices of prepared foodstuffs, beverages, spirits and vinegar and tobacco led to the rise.

However, the all-commodity group export index averagely decreased by -0.33 percent between October and December 2021 due to decreases in the prices of chemical and allied industries mineral products and animal and vegetable fats and oil.

Conversely, the all-commodity export index “increased marginally by 0.03. This was driven by decreases in prices of live animals; animal products and animal and vegetable fats and oils and other cleavage.”

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