Business
Spain, India, Netherlands top Nigeria’s export destination in Q3, 2023
Spain, India and the Netherlands are Nigeria’s three biggest export destinations by the third of 2023, according to the foreign trade report for the third quarter (Q3) released by the National Bureau of Statistics (NBS).
Spain emerged as the country’s top export destination, accounting for a remarkable 12.31 per cent of total exports, valued at N1.27 trillion.
This was followed by India with N1.02 billion (9.81 per cent), Netherlands with N988.66 billion (9.56 per cent), Indonesia with N758.59 billion (7.33 per cent) and France with N720.45 billion (6.96 per cent) of total exports.
These five countries collectively accounted for 45.98 per cent of Nigeria’s total exports, demonstrating the country’s growing presence in diverse global markets.
Meanwhile, China has maintained its status as Nigeria’s top import partner in the third quarter of 2023, accounting for a significant 23.33 per cent of total imports.
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“Data on Imports in the third quarter of 2023 reveals that the top five partner countries of origin for imports to Nigeria was China (N1,973.34 billion or 23.33 per cent), this was followed by imports from Belgium with N996.65 billion or 11.78 per cent, India with N802.07 billion or 9.48 per cent, Malta with N561.37 billion or 6.64 per cent and the United States of America with N502.92 billion or 5.95 per cent of total imports,” NBS said.
“The values of imports from the top five countries amounted to N4,836.36 billion representing a share of 57.18 per cent of total imports. The commodities with the largest values of imported products were ‘Motor Spirit Ordinary’ valued at 1,921.03 billion or 22.71 per cent.”
Also included are gas oil worth N736.66 billion or 8.71 per cent and durum wheat (not in seeds), valued at N331.76 billion or 3.92 per cent of total imports.
In a related development, despite the diversification of export destinations, petroleum oils and oils obtained from bituminous minerals, crude, remained Nigeria’s primary export product, accounting for an impressive 82.50 per cent (N8.54 trillion) of total exports.
However, natural gas, liquefied, and urea, whether or not in aqueous solution, also emerged as significant export earners, contributing 9.82 per cent (N1.02 trillion) and 1.06 per cent (N109.68 billion), respectively, to the overall export value.
