China Sells N1.4trn Worth of Goods to Nigeria but Missing From Top 10 Countries Buying Nigerian Products

China Sells N1.4trn Worth of Goods to Nigeria but Missing From Top 10 Countries Buying Nigerian Products

  • China has again ranked as the number one destination for Nigeria when it comes to buying foreign products
  • The big Asian country sold over N1.4 trillion of its products to the Nigerian market in just three months
  • While it is missing from the list of top 10 countries buying made in Nigerian products

The National Bureau of Statistics (NBS) has revealed that Nigeria recorded over 12.8 trillion trading activities in the second quarter of 2022(April to June).

NBS revealed this in its trade statistics report released on Thursday, 8 September, noting that Nigeria's imports were valued at N5.43 trillion and exports at N7.4 trillion.

This means that Nigeria sold more than it bought from foreign countries during the quarter under consideration.

List of top 10 countries buying Nigerian products
Chat showing foreign trade statistics as at Q2, 2022 Credit: NBS
Source: Facebook

Countries buying Nigerian products

A breakdown from the report showed Nigeria exported N5.90 trillion worth of crude oil while non-crude oil exports stood at N1.49 trillion, Vanguard reports.

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According to NBS, the top five export destinations in the second quarter of 2022 were India with a share of 14.85%, followed by Spain with 13.98%, the Netherlands with 12.35%, the United States of America and Indonesia with 8.93% and 8.45%, respectively.

Top 10 countries buying Nigerian products and values

  • India- N1.09trn
  • Spain- N1.03trn
  • Netherlands- N914.1bn
  • United States-N661.1bn
  • Indonesia- N625.6bn
  • France- N287.7bn
  • Italy- N260bn
  • Sweden- N285.7bn
  • Canada- N260.8bn
  • Ivory Coast- N232.1bn

Top 10 countries selling to Nigeria

  • China- N1.41trn
  • Belgium- N465.18bn
  • India- N459.19bn
  • Netherlands- N430.8bn
  • United States- N362.9 bn
  • Norway- N138.2bn
  • Brazil- N129.04bn
  • South Korea- N126.19bn
  • Germany- N126.12bn
  • Latvia- N113.38bn

NNPC Is now Nigeria’s biggest company by shares Capital As It Enters a New Era After 44 Years

Legit.ng reported that President Muhammdu Buhari on Tuesday, 19 July 2022, officially change the status of the Nigerian National Petroleum Company Limited (NNPC) to become a fully Limited Liability Company. NNPC's operations will now be fully compliant with the terms of the Companies and Allied Matters Act (CAMA) of 20.

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For the first time, NNPC crude oil export revenue is zero in one month, despite producing 36.5m barrels

This means that the general public can now buy and sell NNPC shares, but not yet.

NNPC, on the other hand, established an initial share capital of N200 billion when it was incorporated with the Corporate Affairs Commission.

Source: Legit.ng

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