Nigeria’s top 10 trading partners for exports
Nigeria’s Top 10 Trading Partners for Exports
Nigeria holds a substantial position in global exports across various sectors, including oil and gas, agriculture, manufacturing, and minerals. Examining Nigeria’s leading export partners illuminates its economic ties and trade dynamics. Nigeria’s total export value surged to ₦12,693.62 billion in the fourth quarter of 2023.
This represents a significant
22.68% increase from the previous quarter and a substantial 99.60% rise
compared to the same period in 2022, according to the latest “Foreign Trade
Statistics from the National Bureau of Statistics.
Most exports were in the
‘mineral products’ category, totaling ₦11,665.07 billion, followed by
vegetable products and products of the chemical and allied industries. Regarding
export destinations, Europe received the largest share at 46.94% of total exports,
followed by Asia at 25.78% and America at 16.71%. Notably, exports to other
African countries accounted for 9.93% of total exports, with ₦1,260.94 billion in
The top 10 trading partners for
Nigeria’s exports reflect a varied array of nations, showcasing strong economic
connections and strategic alliances. Enhancing trade relations with these
partners not only fosters economic expansion but also bolsters Nigeria’s global
integration.
Here are Nigeria’s top 10 trading
partners for exports.
Netherlands: Securing the top spot is the Netherlands, with exports valued at ₦1,910,468,868,265, accounting for 15.05% of Nigeria’s total exports.
India: India emerges as a vital trading partner, with exports valued at ₦1,101,467,574,268, representing 8.68% of Nigeria’s total exports.
Spain: Spain ranks prominently among Nigeria’s export destinations, with exports valued at ₦1,030,086,365,595, constituting 8.11% of total exports.
Canada: Canada holds the fourth position, with exports valued at ₦907,644,018,589, accounting for 7.15% of Nigeria’s total exports.
France: France plays a significant role as an export destination, with exports valued at ₦799,769,987,109, representing 6.30% of Nigeria’s total exports.
United States: The United States ranks sixth, with exports valued at ₦729,595,337,504, constituting 5.75% of Nigeria’s total exports.
Indonesia: Indonesia holds the seventh position, with exports valued at ₦587,977,181,095, accounting for 4.63% of Nigeria’s total exports.
Italy: Italy maintains a significant presence as an export destination, with exports valued at ₦549,831,927,574, representing 4.33% of Nigeria’s total exports.
South Africa: South Africa features prominently, with exports valued at ₦543,713,159,846, constituting 4.28% of Nigeria’s total exports.
China: China rounds off the list, with exports valued at ₦408,988,108,914, accounting for 3.22% of Nigeria’s total exports.
Business Day, Mar 17, 2024