SPAIN has emerged as Nigeria’s largest export destination with total export valued at N873.6 billion, a report by the National Bureau of Statistics (NBS) has shown.
The NBS report titled: ‘Commodity Price Indices and Terms of Trade Q3 2022’, showed that India and France took the second and third positions in the export cargoes from Nigeria with a total export value of N619.2 billion and N430.4 billion respectively.
Recall that Nigeria’s total foreign trade dropped to N11.597 trillion from N12.841 trillion in Q3 2022 with total exports at N5.933 trillion, re-exports valued at N25 billion while total imports were N5.664 trillion.
The report stated that the largest exported commodity to the country was petroleum and oil obtained from bituminous minerals to the tune of N580.2 billion, followed by natural liquefied gas, which was valued at N282.4 billion and leather of goats valued at N3.2 billion.
The NBS report stated: “The largest exported commodity to India was petroleum oil and oil obtained from bituminous minerals, crude worth N559.3 billion; natural gas liquefied worth N46.3 billion and leather, prepared after tanning or crusting, valued at N2.9 billion.
“On the other hand, Nigeria imports from India indicate that kerosene type jet fuel ranked highest with a value of N60.9 billion, this was followed by gas at N49.3 billion, motorcycles and cycles fitted with auxiliary motor and petrol fuel,” the report stated.
France was Nigeria’s third export destination with goods of N430.4 billion exported in the third quarter. Nigeria’s exports to the country included crude, valued at N413.8 billion, natural gas worth N10.2 billion and oil cake and other solid residues, resulting from the extraction worth N4 billion, among others.