by: Andrea Spinelli Barrile | May 22, 2024
According to a report by the Nigerian Bureau of National Statistics (NBS), the Netherlands has overtaken India to turn into Nigeria’s prime buying and selling associate in 2023. The West African nation’s whole international commerce in 2023 was 48.7 billions of {dollars}.
The prime 5 export locations for Africa’s second-largest economic system within the fourth quarter of 2023 have been the Netherlands, with $1.2 billion, and India, with $747 million. Spain, Canada and France observe. Supplies to those international locations accounted for 45.29% of Nigeria’s whole export worth throughout the reporting interval. The most essential export merchandise (81.23%) was “Petroleum oils and oils derived from bituminous minerals, crude”.
Nigeria’s intra-Africa commerce quantity stood at $3.08 billion, under pre-covid ranges. At the identical time, exports to African international locations amounted to $2.5 billion, barely decrease than in 2019.
Trade between Nigeria and its former homeland, Britain, has reached $8.8 billion. Britain’s largest export to Nigeria is refined oil (60% of all shipments). Nigerians ship crude oil to Britain (75% of all exports).
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