5 countries account for 58.55 % of Nigeria's total exports in Q2

Solomon Ekanem 20:20 - 11 September 2022

Nigerian exports

The current feat achieved by Nigeria's export sector and the data which recently highlights an increased trade surplus of N1.9 trillion has been made possible by a lot of factors including the export power of five nations.

According to recent data by the National Bureau of Statistics (NBS), Nigeria recorded transactions worth N7.4trn to foreign countries in the second quarter of 2022.

Further details from the data also revealed that five countries contributed a share of 58.55 percent of the total export value recorded in the period.

Nigeria’s top five export destinations during the period were India with a share of 14.85 per cent, Spain closely followed with 13.98 per cent, the Netherlands with 12.35 per cent, the United States of America and Indonesia with 8.93 per cent and 8.45 per cent respectively.

India is a major ally of Nigeria in terms of export commodities as it is a major partner in terms of buying Nigerian-made goods.

A 2021 data from TradeInEconomics revealed that some of the major commodities purchased from India include - Mineral fuels, oils, distillation products - $7.64B, Edible fruits, nuts, peel of citrus fruit, melons- $35.19M, Raw hides and skins (other than furskins) and leather - $14.96M, Coffee, tea, mate and spices - $9.42M, Oil seed, oleagic fruits, grain, seed, fruits - $7.41M, Lead - $6.82M, Residues, wastes of food industry, animal fodder - $5.55 million.

For Spain, the major export commodities include Mineral fuels, oils, distillation products - $5.47B Raw hides and skins (other than furskins) and leather - $54.89M, Ships, boats, and other floating structures - $19.37M, Cocoa and cocoa preparations- $10.46M, Rubbers - $8.86M

Major export to the Netherlands include Mineral fuels, oils, and distillation products - $2.59B, Cocoa and cocoa preparations - $198.86M, Fish, crustaceans, molluscs, aquatics invertebrates - $32.98M, Oil seed, oleagic fruits, grain, seed, fruits - $3.81M, Ships, boats, and other floating structures - $3.44M

For the USA, major exports commodities include Mineral fuels, oils, distillation products - $1.88B, Cocoa and cocoa preparations - $34.17M, Lead - $28.64M, Fertilizers - $14.32M, Edible fruits, nuts, peel of citrus fruit, melons- $12.66M

While Indonesia took in Mineral fuels, oils, and distillation products - $1.79B, Cocoa and cocoa preparations - $61.11M, Aluminium - $4.75M, Glass and glassware - $749.89K, Edible fruits, nuts, peel of citrus fruit, melons - $594.84K from Nigeria