• Tuesday, April 16, 2024
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Nigeria’s top 10 trading partners for exports

Nigeria’s top 10 trading partners for exports

Nigeria holds a substantial position in global exports across various sectors, including oil and gas, agriculture, manufacturing, and minerals. Examining Nigeria’s leading export partners illuminates its economic ties and trade dynamics.

Nigeria’s total export value surged to ₦12,693.62 billion in the fourth quarter of 2023. This represents a significant 22.68% increase from the previous quarter and a substantial 99.60% rise compared to the same period in 2022, according to the latest “Foreign Trade Statistics from the National Bureau of Statistics.

Most exports were in the ‘mineral products’ category, totaling ₦11,665.07 billion, followed by vegetable products and products of the chemical and allied industries.

Regarding export destinations, Europe received the largest share at 46.94% of total exports, followed by Asia at 25.78% and America at 16.71%. Notably, exports to other African countries accounted for 9.93% of total exports, with ₦1,260.94 billion in value. Within Africa, ₦686.76 billion goods were exported to ECOWAS Member States.

The top 10 trading partners for Nigeria’s exports reflect a varied array of nations, showcasing strong economic connections and strategic alliances. Enhancing trade relations with these partners not only fosters economic expansion but also bolsters Nigeria’s global integration.

Here are Nigeria’s top 10 trading partners for exports

Netherlands

Securing the top spot is the Netherlands, with exports valued at ₦1,910,468,868,265, accounting for 15.05% of Nigeria’s total exports.

India

India emerges as a vital trading partner, with exports valued at ₦1,101,467,574,268, representing 8.68% of Nigeria’s total exports.

Spain

Spain ranks prominently among Nigeria’s export destinations, with exports valued at ₦1,030,086,365,595, constituting 8.11% of total exports.

Canada

Canada holds the fourth position, with exports valued at ₦907,644,018,589, accounting for 7.15% of Nigeria’s total exports.

France

France plays a significant role as an export destination, with exports valued at ₦799,769,987,109, representing 6.30% of Nigeria’s total exports.

United States

The United States ranks sixth, with exports valued at ₦729,595,337,504, constituting 5.75% of Nigeria’s total exports.

Indonesia

Indonesia holds the seventh position, with exports valued at ₦587,977,181,095, accounting for 4.63% of Nigeria’s total exports.

Italy

Italy maintains a significant presence as an export destination, with exports valued at ₦549,831,927,574, representing 4.33% of Nigeria’s total exports.

South Africa

South Africa features prominently, with exports valued at ₦543,713,159,846, constituting 4.28% of Nigeria’s total exports.

China

China rounds off the list, with exports valued at ₦408,988,108,914, accounting for 3.22% of Nigeria’s total exports.