- Ten countries around the world spent over N3.4 trillion in three months buying made in Nigerian products
- India was the major customer for Nigeria from July to September buying crude and non-crude products
- While Ivorycost top the list of African countries buying Nigerian products committing over N187.2 billion
The National Bureau of Statistics (NBS) has revealed that 10 countries spent over N3.44 trillion buying Nigerian goods in the third quarter of 2021(July to September).
NBS revealed this in its report published on it website which it titled Foreign Trade in Goods Statistics.
The 10 countries include India, Spain, Italy, France, Netherlands, United States, Indonesia, Canada, Ivory Coast and Portugal.
What are the countries buying
Breakdown from the report showed the aforementioned countries paid N3 trillion for crude oil and N399.5 billion for non-crude oil
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NBS noted in the report that India was Nigeria biggest customers as it paid N758.1 billion for crude oil and non-crude oil products.
The report reads:
“Petroleum oils and oils obtained from bituminous minerals, crude’’ accounted for N703.3bn. This was followed by liquefied natural gas (N48.8bn) and leather further prep after tanning/crusting, incl. parchment-dressed leather of sheep (N1.0 bn).
Spain was the second on the list, purchasing commodities worth N627bn representing 12.2% of total export during the quarter under review.
“The largest exported commodity to Spain in Q3 2021 was petroleum oils and oils obtained from bituminous minerals, crude (N544.6bn) followed by liquefied natural gas (N73.4 bn), leather prepared after tanning/crusting (N5.5 bn) and others.”
Italy came third with a valued trade of N446.04bn accounting for 8.7% of total export during the period.
Major commodities exported during the period by Nigeria to Italy were petroleum oils and oils obtained from bituminous minerals, crude (N442.1bn), leather prepared after tanning (N1.2bn) and technically specified natural rubber (N0.9bn).
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France was placed fourth with goods worth N363.2bn or 7.1% of total exports in the period.
“This was largely dominated by exports of petroleum oils and oils obtained from bituminous minerals, crude N233.75bn, natural gas N112.26 bn, oil cake N12.67bn, and others.”
Netherlands came in 5th buying N242.8 billion worth of Nigerian products.
Other countries buying Nigerian products and how much spent
- United States- N229.3 billion
- Indonesia- N208.2 billion
- Canada- N204.7 billion
- Ivory Coast- N187 billion
- Portugal- N183.5 billion
What is China buying from Nigeria
China which is missing in the top 10 countries to have purchased Nigerian products remains a major trading partner Dailytrust reports.
Other part of the NBS report showed that in Q3, 2021, Nigeria’s export trade to China amounted to N109.9bn or 2.14% of total export.
The traded goods exported were dominated by liquefied, natural gas which valued at N39.9bn, followed by petroleum oils and oils obtained from bituminous minerals, crude (N28.7bn), propane, liquefied (N8.7bn), and others.
Nigeria's Excess Crude Account depletes to $35m, as CBN withdraws $384m in 2wks from external reserve
NNPC fails to explain missing N2trn worth of Oil
Meanwhile, the Auditor-General has raised an alarm on domestic crude oil lifted for export by the Nigeria National Petroleum Corporation and was not accounted for in 2019.
The 104.48 million barrels of missing crude oil could have added at least N2 trillion to the federal government's coffers.
The federal government's 2019 budget of N8.83trn was largely financed by debts which currently stands at N35.5trn as of June 30.