Olusesan Oba
In the final quarter of 2023, Nigerian exports surged towards The Netherlands, marking it as the prime importer of Nigerian goods during the period, with a total value of N1.9 trillion.
According to a report by the National Bureau of Statistics (NBS), trade between Nigeria and The Netherlands accounted for 15.05% of total exports. Key commodities exported included petroleum oils and oils obtained from bituminous minerals, crude valued at N1.7 trillion, superior cocoa beans at N60.5 billion, and standard quality cocoa beans at N32.5 billion.
On the flip side, Nigeria imported goods valued at N482.4 billion during the same period, with petrol leading the imports at N306 billion, followed by “gas oil” at N75.3 billion and “Blue whitings (micromesistius poutassou and micromesistius australis) meat” at N13.5 billion, among others.
India emerged as the second-largest destination for Nigerian exports, totaling N1.1 trillion or 8.68% of total exports. The primary export commodity was petroleum oils and oils obtained from bituminous minerals and crude at N990.5 billion, followed by soybeans at N35.8 billion and sesame seeds at N29.1 billion.
On the import side, Nigeria mainly imported other medicaments not elsewhere specified valued at N29.4 billion, machines for cleaning, sorting, or grading seeds, grain, or dried legumes at N5.3 billion, and machinery for sugar manufacture worth N3.3 billion from India.
Spain secured the third position with goods worth N1 trillion, representing 8.11% of total exports. Main export commodities to Spain included petroleum oils and oils obtained from bituminous minerals and crude at N814.4 billion, followed by natural gas at N204 billion and technically specified natural rubber at N3.80 billion.
Imports from Spain were mainly mixed alkylbenzenes and mixed alkylnaphthalenes valued at N11.5 billion, gypsum; anhydrite valued at N6.6 billion, and tugs and pusher craft valued at N3.5 billion.
Canada followed closely in the fourth position with trade valued at N907.6 billion or 7.15% of total exports. Exports to Canada were dominated by petroleum oils at N902 billion, superior quality cocoa beans at N1.4 billion, standard quality cocoa beans at N1 billion, and others.
Conversely, imports from Canada amounted to N96.7 billion, with the largest imported commodity being durum wheat at N65.1 billion, followed by potassium sulphate at N9.7 billion, and aircraft parts, helicopters, and unmanned aircraft at N2.96 billion, among others.
Rounding up the list was France, with goods valued at N799.7 billion, constituting 6.30% of total exports. The major export commodity to France was petroleum oils at N699 billion, followed by natural gas at N72.3 billion and flour and meals of soybeans at N11.2 billion.
On the import side from France, Nigeria mainly imported petrol at N26.3 billion, malt (not roasted) at N11.4 billion, and other lubricating oils meant to be mixed further at N7.7 billion.
