- Nigeria's biggest customers continue to buy Nigerian products, as goods worth over N6.48 trillion were sold in the first quarter of 2023
- According to the National Bureau of Statistics (NBS), the top 10 exporting countries purchased over N200 billion worth of crude oil
- The NBS report also provides insights into the breakdown of exports by product type and the values gained
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The National Bureau of Statistics (NBS) has released its trade statistics report for the first quarter of 2023.
The report revealed that a total goods value of N6.48 trillion was exported out of the country between January and March 2023.
However, this figure represents an 8.66% decline compared to the N6.35 trillion recorded in the fourth quarter of 2022 and the N7.1 trillion in exported goods during the first quarter of 2022.
The report, available on the NBS website also provided a breakdown of the top exporting countries and the value of both crude and non-crude oil products sold.
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List of 10 countries buying from Nigeria
- Netherlands: N838 billion
- United States: N579 billion
- Spain: N488 billion
- France: N487 billion
- Indonesia: N457 billion
- United Kingdom: N455 billion
- Canada: N427 billion
- India: N387 billion
- Italy: N347 billion
- Ivory Coast: N230 billion
List of 10 products from Nigeria
Also, the NBS report revealed the types of goods exported from the country.
- Petroleum oils: N5,149 billion
- Natural gas: N622 billion
- Urea: N147 billion
- Cocoa beans: N85 billion
- Sesamum seeds: N68 billion
- Other petroleum gases etc in gaseous state: N46 billion
- Cashew nuts In shell: N27 billion
- Unwrought aluminium, alloys: N26 billion
- Soya beans (excluding seeds): N24 billion
- VesselsN21 billion
- Standard quality Cocoa beans: N18 billion
- Cathodes and sections of cathodes: N16 billion
- Electrical energy (optional heading): N16 billion
- Soya beans Seed: N15 billion
- Gold: N14 billion
FG set to implement new tariff rate in July as Nigerians pay over N247bn for electricity in 3 months
Palm oil imports from Asian countries reach new heights despite restrictions
In another report, Legit.ng revealed that Nigeria's palm oil imports have increased, indicating a growing reliance on foreign producers to meet domestic demand.
China and Malaysia have benefited largely from the demand-supply gap in Nigeria, driven by population growth and urbanization.