• Friday, March 29, 2024
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NBS ranks India, Spain, France, South Africa, Netherlands as top destinations for Nigerian export

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Five countries, India, Spain, France, South Africa and the Netherlands have been listed among countries that received about 50 percent of Nigerian export cargo in the fourth quarter of 2018, the National Bureau of Statistics (NBS) Foreign Trade Statistics, has revealed.

A record of export trade by country of destination showed that 15.5 percent of Nigeria’s export goods worth N780.1 billion went to India; 11.33 percent of goods worth N569.4 billion was moved to Spain; 9.9 percent goods worth N496.1 billion was taken to France; 6.8 percent of Nigeria’s export valued at N340.1 billion went South Africa while 6.5 percent of the export trade valued at N328.7 billion was sent to the Netherlands within the period under review.

The NBS report further revealed that Nigeria’s export in the fourth quarter valued at N5.023 trillion was dominated by crude oil exports which contributed N4.228 trillion revenue and accounted for 84.2 percent of the total export in the period under review.

“Nigeria exported mainly mineral products which accounted for N4.809 trillion or 95.7 percent of the total value of exports. This was followed by prepared food stuff, beverages, spirits and vinegar, which accounted for N59.9 billion or 1.2 percent of total exports.

In terms of the continent, the NBS report stated that Nigeria exported about N2.167.9 trillion or 43.2 percent of goods to European countries; N1.428.1 trillion or 28.4 percent of the entire export cargo to Asian countries and N702.5 billion or 13.98 percent of total export cargo went to American countries.

“Nigeria exported goods worth N708.7 billion or 14.1 percent to other African countries, out of which goods valued at N338.5 billion, or 48 percent was exported to the ECOWAS region. Agricultural goods valued at N316.5 billion, representing 3.7 percent of the total export trade, was moved out of the country within the period under review,” according to the NBS report.

Further analysis by economic regions showed that Nigeria’s agricultural exports worth N51.4 billion were moved to Asia while goods valued at N41.1 billion were exported to Europe.

The NBS report added that during the period under review, agricultural products were dominated by Sesame seeds valued at N33.9 billion; fermented Nigerian cocoa beans worth N24.5 billion; superior quality raw cocoa beans valued at N9.6 billion and cashew nuts (in shell) worth N5.8 billion were exported.

It further revealed that Sesame seeds worth N13.7 billion were exported to China and about N5.9 billion worth of export cargo was taken to Japan. “Good fermented Nigerian cocoa beans were exported to the Netherlands and Germany in values worth N15.3 billion and N3.8 billion.

“Superior quality raw cocoa beans valued at N7.1 billion were exported to the Netherlands and goods worth N2.1 billion was taken to Indonesia, while cashew nuts (in shell) valued at N3.7billion went to Vietnam and N3.7billion worth of the same cargo went to India.

“Trade in manufactured goods stood at N2.279.7 trillion, or 26.5 percent of total trade in quarter four 2018. The export component was valued at N75.6 billion, while imported manufactured goods stood at N2,204.1 trillion.

“In the quarter under review, export of manufactured products stood at 14.97 percent higher, while vessels and other floating structures for breaking up were exported to Namibia and Cameroun at values worth N9.98 billion and N6.0 billion respectively. Aluminum alloys (unwrought) were exported to Japan and India at values of N4.1 billion and N1.0 billion respectively, while dredgers worth N6.5 billion were exported to the Netherlands,” the NBS explained.

Then NBS report added that cigarettes containing tobacco worth N1.6 billion were exported to Niger Republic while other machines and mechanical appliances having individual functions were exported to the United Arab Emirates at a value of N4.98 billion.

 

Amaka Anagor-Ewuzie