NBS Reveals Top Five Exporting, Importing Countries For Nigerians

The National Bureau of Statistics (NBS) has revealed the top five exporting countries for Nigerians in the first quarter (Q1) of 2023.

In a foreign trade report, NBS stated that the Netherlands, the United States of America, Spain, France and India are the top five countries where Nigerians export.

The bureau disclosed that N837.65 billion worth of goods were exported to the Netherlands, and the United States accounted for N579.35 billion. 

Also, Spain got N488.17 billion worth of export, followed by France, which accounted for N487.34 billion, and India recorded N456.69 billion in export goods from Nigeria.

At the end of the first quarter this year, Nigeria recorded a total of N6.49 trillion worth of foreign export, down 8.7% year-on-year when compared to the N7.1 trillion reported in Q1 2022. 

On a quarter-on-quarter basis, the foreign export was up by 2% from N6.36 trillion recorded in Q4 2022, to N6.49 trillion in the first quarter this year. 

Major products exported from Nigeria to foreign destinations are Petroleum oils and oils obtained from bituminous minerals, Liquefied Natural Gas and Urea. 

All in all, Nigeria recorded N12.05 trillion in foreign trade, split into N6.49 trillion in export and N5.56 trillion in imports, according to data from NBS. 

Although the N12.05 trillion total foreign trade is 17.5% below the N14.6 trillion recorded in the first quarter of last year but 2.8% above the N11.72 trillion reported in the fourth quarter of 2022. 

NBS disclosed that import trade also depreciated considering total import trade was N7.49 trillion in Q1 2022. However, when compared to the N5.36 trillion posted in Q4 2022, import trade rose by 3.7%. 

“In terms of Imports (CIF), China, The Netherlands, Belgium, India, and the United States of America were the top five countries of origin of imports to Nigeria in the first quarter of 2023. The values of imports from the top five countries amounted to N3,101.42 billion representing a share of 55.78% of the total value of imports. 

“While the commodities with the largest values of imported products were ‘Motor Spirit Ordinary’ (N1,492.28 billion or 26.84%), ‘Gas Oil’ (N472.40 billion or 8.50% and ‘Durum Wheat (Not in seeds)’ (N249.22 billion or 4.48%),” NBS reported.