Netherlands topped Nigeria’s export destination in Q4 2023

Goods worth N1.9 trillion were exported to The Netherlands in the fourth quarter of 2023, making it the highest importer of Nigerian goods during the period. A report by the National Bureau of Statistics (NBS) stated that the trade between the two countries amounted to 15.05 per cent of total exports, explaining that the major […]

Goods worth N1.9 trillion were exported to The Netherlands in the fourth quarter of 2023, making it the highest importer of Nigerian goods during the period.

A report by the National Bureau of Statistics (NBS) stated that the trade between the two countries amounted to 15.05 per cent of total exports, explaining that the major commodities exported during the period were petroleum oils and oils obtained from bituminous minerals, crude worth N1.7trn, superior cocoa beans valued at N60.5bn and standard quality cocoa beans worth N32.5bn.

On the other hand, Nigeria imported goods valued at N482.4bn during the period, with the most traded commodity being petrol, worth N306bn; followed by “gas oil” valued at N75.3bn and “Blue whitings (micromesistius poutassou and micromesistius australis) meat” at N13.5bn, among others.

Second on the list within the period was India which had total exports from Nigeria amounting to N1.1trn, representing 8.68 per cent of total exports. The largest exported commodity was petroleum oils and oils obtained from bituminous minerals and crude valued at N990.5bn, followed by soybeans at N35.8bn and sesame seeds worth N29.1bn.

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On the import side, data revealed that other medicaments not elsewhere specified ranked highest with a value of N29.4bn, followed by machines for cleaning, sorting or grading seeds, grain or dried legumes valued at N5.3bn and machinery for sugar manufacture worth N3.3bn.

Third on the list was Spain with goods worth N1trn, representing 8.11 per cent of total exports.

NBS noted that the main export commodity to Spain in the quarter was petroleum oils and oils obtained from bituminous minerals and crude worth N814.4bn, followed by natural gas valued at N204bn; technically specified natural rubber valued at N3.80bn, among others.

Imports from Spain were mainly mixed alkylbenzenes and mixed alkylnaphthalenes valued at N11.5bn, gypsum; anhydrite valued at N6.6bn and tugs and pusher craft valued at N3.5bn.

The fourth was Canada with trade valued at N907.6bn or 7.15 per cent of total exports. Exports to Canada were largely dominated by petroleum oils worth N902bn, superior quality cocoa beans worth N1.4bn, standard quality cocoa beans valued at N1bn, and others.

On the other hand, the value of imports from Canada stood at N96.7bn. The largest imported commodity from Canada was durum wheat valued at N65.1bn, followed by potassium sulphate worth N9.7bn. Others were aircraft parts, helicopters and unmanned aircraft worth N2.96bn, among others.

The last on the list was France, with goods worth N799.7bn, accounting for 6.30 per cent of total exports. The largest export commodity to France was petroleum oils worth N699bn. This was followed by natural gas valued at N72.3bn, flour and meals of soybeans worth N11.2bn, among others.

Conversely, the main commodities imported were petrol worth N26.3bn; malt (not roasted) valued at N11.4bn, other lubricating oils meant to be mixed further at N7.7bn.