China Missing from top List of Countries Buying Nigerian Products, Sells N1.51trn of Its Goods to Nigeria

China Missing from top List of Countries Buying Nigerian Products, Sells N1.51trn of Its Goods to Nigeria

  • The list of nations that buy Nigerian products, as well as the countries from which Nigeria buys, has been made public.
  • China is the most popular destination for Nigerian importers, yet it is notably missing from the list of nations that buy Nigerian goods
  • The Asian country has long been one of Nigeria's largest oil buyers, but that has changed now that Russia is selling at a discount

The National Bureau of Statistics has revealed the list of countries buying Nigerian products and also where Nigerians are importing from.

According to the NBS, Nigeria exported N7.1 trillion worth of goods in the first quarter of 2022, while importing N5.9 trillion.

This raises the country's overall foreign trade to N13 trillion in three months, up 11% from the N11.7 trillion reported in the final three months of 2021.

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Top importers, exporters in Nigeria, China
Nigeria president Muhammdu Buhari, and Chinese President Xi Jinping Credit: Kenzaburo fukuhara/AFP
Source: Twitter

NBS in its report revealed that China sold N1.51 trillion of goods to the Nigerian market to lead the pack of the top 10 exporting countries in Nigeria.

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Nigeria, China business relationship

Nigeria's major export is crude oil, which it sells at a far lower price to Russia, with China being Russia's largest buyer.

China is the world's largest crude oil importer and one of Nigeria's most important consumers in recent years.

The Asian country spent about N92 billion on Nigerian crude oil in the fourth quarter of 2021.

However, according to shipping statistics and oil dealers who talked to Reuters, China is discreetly increasing its imports of Russian oil at bargain prices.

Bloomberg reports that Russian oil (Ural) is selling its oil at a 30% discount which has made it look attractive.

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Top 10 exporters to Nigeria - Q1 2022

  • China: N1.51bn
  • Netherlands: N618.7bn
  • Belgium: N563.3bn
  • India: N415.6bn
  • US: N337.3bn
  • Norway: N274.5bn
  • France: N226.6bn
  • South Korea: N172.1bn
  • UK: N125.3bn
  • Brazil: N122.2bn

Top 10 importers from Nigeria - Q1 2022

  • India: N1.18tn
  • Spain: N677.7bn
  • Netherlands: N660.6bn
  • Indonesia: N474.4bn
  • US: N372.7bn
  • Italy: N366.2bn
  • France: N338.8bn
  • Gibraltar: N303.2bn
  • Saudi Arabia: N275.5bn
  • Canada: N261.2bn

List of 15 projects why Nigeria agreed to N2.50trn loan with China

Legit.ng had earlier reported that the Debt Management Office (DMO) announced Nigeria's overall public debt has risen to N38 trillion as of September 30, 2021.

The loan from China is one area many Nigerians are interested in amid stories of assets being seized from nations unable to repay their debt.

DMO has released a thorough analysis of loans received from China in the last 13 years, including how much has been returned and for what projects the funds were obtained

Source: Legit.ng

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