Nigeria’s Foreign Trade Hits N12.74 trn
Nigeria’s import and export
trade as at June 2023 stood at N12.74 trillion, with the Netherland topping the
list of countries with the nation’s export destination, The Nation can report.
Premium Motor Spirit import
accounted for 21.5% (N1.23 trillion). The United States of America, Indonesia
are the other countries with high export of Nigerian goods.
However, China, the United
States of America, Belgium, India and the Netherlands top the list of countries
with the highest import of goods into Nigeria as at the end of the second
quarters of 2023.
The details are contained in
the 2024-2026 Medium Term Expenditure Framework (MTEF)and Fiscal Strategy
Paper (FSP) prepared by the Budget Office of the Federation dated September
2023 sighted by The Nation.
According to the document, the
nation’s total export for the period stood at N7.02 trillion while total
imports amounted to N5.73 trillion.
Total import from China with
the period stood at about N1.27 trillion representing 22.17%) to lead other
countries where goods are imported into the country.
Total export to the
Netherlands’ export stood at N788.85 billion, representing 11.24% of total
exports; followed by United States of America with N718.63 billion; Indonesia with
N550.18 billion; France with N540.73 billion and Spain with N504.45 billion.
The document reported that
exports to the five countries amounted to 44.23% of the total value of exports.
It said further that total imports within the first six months of the year
increased by 2.99per cent compared to the value recorded in the first quarter
of 2023 (N5.56 trillion) but declined by 10.37per cent when compared to the
value recorded in the corresponding quarter of 2022 (N6.39 trillion).
Also, it said that the values
of import from the top five countries amounted to N3.44 trillion representing
about 60.05 of total imports.
Other imports included used
Vehicles, ang Automotive Gas oll (AGO). The document also disclosed that total
exports increased by 8.15% when compared to the amount recorded in the first
quarter of 2023 (N6.49 trillion) but declined by 5.20per cent compared to the
corresponding quarter in 2022 (N7,400.89 billion).
It said that ‘Petroleum oils
and oils obtained from bituminous minerals, crude’ valued at N5.59 trillion
representing 79.63per cent account for the largest export product was, followed
by Liquefies Natural Gas (LNG) liquefied billion and Urea.
The Nation, Nov 7, 2023
