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Nigeria’s export hits N2.286tr

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NIGERIA’S export drives are currently yielding fruits, as data obtained from the National Bureau of Statistics (NBS) on commodity price indices and terms of trade (Q4 2018) revealed that Nigeria’s exports to Spain and China were N569.4 billion and N113.3 billion, while the figures for the Netherlands, France and India were N328.7 billion, N494.9 billion and N780.1 billion respectively.

It further revealed that Nigeria’s total export to five major countries totalled N2.28 trillion in the fourth quarter of 2018. India was Nigeria’s major export market in Q4 2018 accounting for 15.5 per cent (N780.1 billion) of total exports.

The largest export commodity to India was crude oil (N730.3 billion). This was followed by natural gas liquefied (N39.1 billion), sesamum seed (N4.1 billion), cashew nuts (N2.0 billion) and others.

Nigeria imported live purebred horses (N66.5 billion), live horses (N9.3 billion), primates (N6.8 billion) and other live mammals (N6.6 billion) from India during the period under review.

Nigeria’s exports to Spain was valued at N569.4 billion, making it the second largest export market for Nigeria in Q4 2018.

Crude oil was the top Nigerian export during the period under review, valued at N471.6 billion. Other goods exported to Spain during the period were natural gas liquefied valued at N93.1 billion, leather prepared after tanning (goat) (N2.1 billion) and others.

In terms of imported commodities, live purebred breeding horses valued at N295.2 billion, live horses other than purebred valued at N285.9 billion, primates valued at N283.4 billion and other live mammals valued at N270.2 billion were imported from Spain.

China had maintained its position as a major trading partner of Nigeria. In Q4 2018, Nigeria’s export trade with China was dominated by natural gas liquefied which amounted to N63.4 billion in value, followed by crude oil (N23.5 billion), sesamum seed (N13.7 billion), propane, liquefied (N8.0 billion) and butane, liquefied (N4.7 billion).

In terms of imports, machines for reception of voice, motorcycles, machine tools for working stones, Amorphous PET chips and machines for cleaning seeds worth N35.6 billion, N19.9 billion, N18.9 billion, N15.6 billion and N14.2 billion respectively were imported from China.

In Q4 2018, Nigeria exported N432.2 billion worth of crude oil to France. Other major export commodities include Natural Gas Liquefied valued at N62.1 billion and technically-specified natural rubber valued at N0.6 billion.

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