Spain has emerged as the top destination for Nigerian products in the third quarter of 2023, a report by the National Bureau of Statistics has shown.
The report, which showed the countries Nigeria exported its goods to, also indicated a resurgence of trade between Nigeria and India, after the country opted for cheaper oil from Russia following the sanctions imposed on the country over the Ukraine war.
The report stated that in Q3 2023, Nigeria’s export trade to Spain was valued at N1.2tr accounting for 12.31 percent of total export.
It added that major commodities exported during the period were petroleum oils and oils obtained from bituminous minerals, crude worth N953.3bn; natural gas N307.7bn and leather of goats or kids, N4.05bn.
On the other side, Nigeria imported N107.7bn worth of goods with the main commodity imported being motor spirit worth N50.7bn.
This was followed by “Mixed alkylbenzenes and mixed alkylnaphthalenes, other than those of heading 27.07” worth N15.08bn and gypsum; anhydrite, valued at N10.2bn and others.
Second on the list is India with trade worth N1.01trn, representing 9.81 per cent of total exports.
It stated that the largest exported commodity to India was “petroleum oils and oils obtained from bituminous minerals, crude, valued at N907.06bn, followed by natural gas, N79.9bn and cashew nuts in shell worth N5.5bn.
On the other hand, imports from India showed that gas oil ranked highest with a value of N263.2bn, this was followed by Kerosene type jet fuel, N93.2bn, motorcycles and cycles fitted with an auxiliary motor, petrol fuel, capacity; N61.9bn were imported from during the period.”
Next is the Netherlands with goods worth N988.6bn representing 9.56 per cent of total exports.
“The largest exported commodity to The Netherlands was petroleum oils and oils obtained from bituminous minerals, crude worth N902.1bn. This was followed by natural gas, N63.4bn, standard quality cocoa beans, N12.1bn and others.”
On the import side, the highest product Nigeria bought during the period was motor spirit, valued at N44.3bn. This was followed by dredgers valued at N7.5bn and lubricating oils meant to be mixed further’ valued at N7.02bn.
This was followed by Indonesia with trade worth N758.5bn or 7.33 per cent of total exports in the period under review.
“Exports to Indonesia were largely dominated by petroleum oils and oils obtained from bituminous minerals, crude worth N737.6bn, superior quality cocoa beans worth N15.1bn, roasted cocoa beans, N3.3bn.”
“On the other hand, the value of imports from Indonesia stood at N88.7bn. The largest imported commodity from Indonesia was Other, weighing 40 g/m2 or more but not more than 150 g/m2 valued at N22.7bn, followed by hydrogenated vegetable fats not further prepared with N14.5bn and seasoning powder in packings of not less than 25kg worth N5.4bn.”
The last on the top-five export trading partner of Nigeria is France with goods worth N720.4bn accounting for 6.96 per cent of total exports.
“The largest export commodity to France was petroleum oils and oils obtained from bituminous minerals, crude worth N678.6bn. This was followed by natural gas valued at N31.01bn, flour and meals of soybeans N6.02bn.”
“On the other hand, the main commodities imported were motor spirit, ordinary worth N91.2bn, containing petroleum oils or oils obtained from bituminous minerals valued at N10bn, milk/cream, containing sugar/sweetening matter; solid, N6.4bn.”
