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Netherlands, India top destinations for Nigerian exports in 2023 – NBS

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The National Bureau of Statistics, NBS, has named the Netherlands, India, Spain, Canada and France the top five export destinations for Nigerian products in the fourth quarter of 2023.

NBS stated this in its recently released data titled, ‘Foreign Trade in Goods Statistics’ (Q4 2023).

The Netherlands led the pack with N1,910.47 billion or 15.05 per cent exports in Q4 2023.

India followed with N1,101.47 billion or 8.68 per cent.

The next are Spain with N1,030.09 billion or 8.11 per cent, Canada with N907.64 billion or 7.15 per cent, and France with N799.77 billion or 6.30 per cent of total exports.

Altogether, exports to the top five countries amounted to 45.29 per cent of the total value of exports.

Accordingly, the largest exported product in the fourth quarter of 2023 was ‘Petroleum oils and oils obtained from bituminous minerals, crude’ valued at N10,310.70 billion representing 81.23 per cent.

This was followed by ‘Natural gas,’ with N1,015.84 billion accounting for 8.00 per cent, and ‘Urea, whether or not in aqueous solution’ with N251.90 billion or 1.98 per cent of total exports.

Meanwhile, in terms of Imports (CIF), the top five trading partners were Singapore with goods valued at N5,092.36 billion or 36.09 per cent, China with N2,060.59 billion or 14.61 per cent, Belgium with N1,140.97 billion or 8.09 per cent, India with N908.59 billion or 6.44 per cent and the United States of America with goods valued at N512.99 billion or 3.64 per cent.

The value of imports from the top five countries amounted to N9,715.50.

Pmnews.ng recalls that the total foreign trade in Q4 surged 37 per cent to N71.88 trillion compared to N52.38 trillion recorded in 2022.

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