You are here: HomeNews2022 05 16Article 554555

Business News of Monday, 16 May 2022

Source: www.mynigeria.com

India is Nigeria's leading trade partner while China is missing from top 10

China missing from top 10 countries buying Nigerian products_Photo: Ugurhan Source: Getty China missing from top 10 countries buying Nigerian products_Photo: Ugurhan Source: Getty

India is Nigeria's biggest customer as it paid N758.1 billion for crude oil and non-crude oil products according to a recent report by the National Bureau of Statistics (NBS).

The report which was published on its official website is titled "Foreign Trade in Goods Statistics." It shows the list of the top ten countries that are importers of Nigerian products.

The reports revealed that the 10 countries spent over N3.44 trillion buying Nigerian goods in the third quarter of 2021(July to September) while N3 trillion of the stated amount goes for crude oil and N399.5 billion for non-crude oil

The 10 countries include India, Spain, Italy, France, Netherlands, United States, Indonesia, Canada, Ivory Coast and Portugal.

Excerpts of the report read: “Petroleum oils and oils obtained from bituminous minerals, crude’’ accounted for N703.3bn. This was followed by liquefied natural gas (N48.8bn) and leather further prep after tanning/crusting, incl. parchment-dressed leather of sheep (N1.0 bn).

Spain was the second on the list, purchasing commodities worth N627bn representing 12.2% of total export during the quarter under review.

“The largest exported commodity to Spain in Q3 2021 was petroleum oils and oils obtained from bituminous minerals, crude (N544.6bn) followed by liquefied natural gas (N73.4 bn), leather prepared after tanning/crusting (N5.5 bn) and others.”

Italy came third with a valued trade of N446.04bn accounting for 8.7% of total export during the period. Major commodities exported during the period by Nigeria to Italy were petroleum oils and oils obtained from bituminous minerals, crude (N442.1bn), leather prepared after tanning (N1.2bn) and technically specified natural rubber (N0.9bn).

France was placed fourth with goods worth N363.2bn or 7.1% of total exports in the period.

“This was largely dominated by exports of petroleum oils and oils obtained from bituminous minerals, crude N233.75bn, natural gas N112.26 bn, oil cake N12.67bn, and others.” Netherlands came in 5th buying N242.8 billion worth of Nigerian products.

What is China buying from Nigeria?

Despite missing out on the top 10, China remains a major trading partner.

Other parts of the NBS report showed that in Q3, 2021, Nigeria’s export trade to China amounted to N109.9bn or 2.14% of total export.

The traded goods exported were dominated by liquefied, natural gas which is valued at N39.9bn, followed by petroleum oils and oils obtained from bituminous minerals, crude (N28.7bn), propane, liquefied (N8.7bn), and others.


Other countries buying Nigerian products and how much they spent

United States- N229.3 billion

Indonesia- N208.2 billion

Canada- N204.7 billion

Ivory Coast- N187 billion

Portugal- N183.5 billion

Join our Newsletter!