Spain has for the first time in 2022 topped the list of countries where Nigerian goods are exported, a report by the National Bureau of Statistics (NBS) has shown.
Recall that Nigeria’s total foreign trade dropped to N11,597 trillion from N12,841tr in Q3 2022 with total exports at N5,933tr, re-exports valued at N25 billion while total imports was N5.664tr.
The report titled, Commodity Price Indices and Terms of Trade Q3 2022, which enumerates top five exporting countries of Nigerian goods, stated that Spain ranked first among other partner countries as the largest export market for Nigeria during the third quarter of 2022 with goods worth N873.6bn.
The report stated that the largest exported commodity to the country was petroleum and oil obtained from bituminous minerals, crude to the tune of N580.2bn, followed by natural liquefied gas, which was valued at N282.4bn and leather of goats valued at N3.2bn.
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On the other hand, Nigeria imported mixed alkyl benzenes and mixed alkylnaphthalenes, worth N10.7bn and lubricating oils worth N6.54bn. Also, gypsum, anhydrite valued at N4.1bn, with odoriferous substances used in the food or drink industries worth N2.1bn.
This is followed by India with export trade into the country valued at N619.2bn.
“The largest exported commodity to India was petroleum oil and oil obtained from bituminous minerals, crude worth N559.3bn; natural gas liquefied worth N46.3bn and leather, prepared after tanning or crusting, valued at N2.9bn. On the other hand, Nigeria imports from India indicate that Kerosene type jet fuel ranked highest with a value of N60.9bn, this was followed by gas (N49.3bn), motorcycles and cycles fitted with auxiliary motor, petrol fuel,” the report said.
France was third with goods of N430.4bn exported. This is dominated by petroleum oils, crude, valued at N413.8bn, natural gas N10.2bn, oil cake and other solid residues, resulting from the extraction, N4bn and others.
On the import side, Nigeria took in goods worth N108.3bn with the largest coming from motor spirit, valued at N34.07bn then malt, not roasted, worth N5.8bn, petroleum oils obtained from bituminous minerals and others, N4.67bn.
The Netherlands was fourth with export goods valued at N420.4bn. Major commodities exported during the period were petroleum oils, crude (N396.5bn), urea (N6.6bn) and superior quality cocoa beans (N4.9bn).
“However, imports from The Netherlands during the review period were valued at N565.9bn. The main commodities imported were motor spirit, worth N467bn and gas valued at N30.06bn.”
The United States of America is the least with goods worth N335.95bn. commodities exported during petroleum oils, crude, worth N292.8bn, other petroleum gases, in gaseous state valued at N32.3bn and other refined lead valued at N3.69bn.