Spain tops Nigeria’s export destination with N873.6bn goods

trade deficit


Spain has 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 N12.841 trillion in Q3 2022 with total exports at N5.933 trillion, re-exports valued at N25 billion while total imports was N5.664 trillion.

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 N873.6 billion.

The report stated that the largest exported commodity to the country was petroleum and oil obtained from bituminous minerals to the tune of N580.2 billion, followed by natural liquefied gas, which was valued at N282.4 billion and leather of goats valued at N3.2 billion.

On the other hand, Nigeria imported mixed alkyl benzenes and mixed alkyl naphthalenes worth N10.7 billion and lubricating oil worth N6.54 billion from the southwestern European country.

According to the NBS report, Nigeria’s second largest export destination in the third quarter was India with export trade into the country valued at N619.2 billion.

“The largest exported commodity to India was petroleum oil and oil obtained from bituminous minerals, crude worth N559.3 billion; natural gas liquefied worth N46.3 billion and leather, prepared after tanning or crusting, valued at N2.9 billion.

“On the other hand, Nigeria imports from India indicate that kerosene type jet fuel ranked highest with a value of N60.9 billion, this was followed by gas at N49.3 billion, motorcycles and cycles fitted with auxiliary motor and petrol fuel,” the report stated.

France was Nigeria’s third export destination with goods of N430.4 billion exported in the third quarter. Nigeria’s export to the country included crude, valued at N413.8 billion, natural gas worth N10.2 billion and oil cake and other solid residues, resulting from the extraction worth N4 billion, among others.

On the flip side, Nigeria imported goods worth N108.3 billion from the Western Europe nation. The imports included premium motor spirit (petrol) valued at N34.07 billion, malt valued at N5.8 billion, petroleum oils obtained from bituminous minerals and others worth N4.67 billon.

The Netherlands was Nigeria’s fourth largest export destination in the third quarter with goods valued at N420.4 billion. Major commodities exported during the period were crude oil worth N396.5 billion, urea worth N6.6 billion and superior quality cocoa beans valued at N4.9 billion.

However, imports from the Netherlands during the review period were valued at N565.9 billion. The main commodities imported from the country into Nigeria were premium motor spirit worth N467 billion and gas valued at N30.06 billion.

Nigeria’s export to the United States of America during the period was valued at N335.95 billion. The commodities exported to the country included crude oil worth N292.8 billion, other petroleum gases in gaseous state valued at N32.3 billion and other refined lead valued at N3.69 billion.

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