Home » Africa: Nigeria’s Exports Soar to ₦10.35 Billion as Spain, India, and Netherlands Leads The Top 5 Export Partners Globally, National Bureau of Statistics Reveals

Africa: Nigeria’s Exports Soar to ₦10.35 Billion as Spain, India, and Netherlands Leads The Top 5 Export Partners Globally, National Bureau of Statistics Reveals

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Business Insider Africa highlights the top 5 countries contributing significantly to Nigeria’s export revenue, based on data provided by the National Bureau of Statistics.

According to africa.businessinsider.com, Nigeria’s trade in Q3 of 2023 increased substantially when compared to Q2’s data.

This growth was brought about by an increase in trade activities, according to the country’s National Bureau of Statistics (NBS).

READ: Africa: Hibiscus other Non Oil Exports leads to $5.4B trade Surplus with US in 2022 says US-Africa Trade Council President

In the NBS’s Foreign Trade in Good Statistics report the figures published revealed a healthy trade balance between the country’s imports and exports. “Nigeria’s total trade in the third quarter of 2023 stood at ₦18,804.29 billion.

Exports were valued at ₦10,346.60 billion while total imports stood at ₦8,457.68 billion. Total exports increased by 60.78% compared to the amount recorded in the second quarter of 2023 (₦6,435.13 billion) as well as by 74.36% compared to the corresponding quarter in 2022 (₦5,934.15 billion),” the report reads “Similarly, total imports increased by 47.70% compared to the value recorded in the second quarter of 2023 (₦5,726.25 billion) and by 33.33% when compared to the value recorded in the corresponding quarter of 2022 (₦6,343.53 billion),” the report added.

READ: Africa: Nigerian House of Representatives Calls for Targeted Incentives to Boost Export of Yams

In light of that, it is important to note which trade partners contributed the most to the growth of Q3’s revenue. The NBS’s analysis of Nigeria’s export network showed that the West African country’s export markets were primarily Europe and Asia.

However, the United States, which lies on the opposite side of the Atlantic, was a key participant in its importation. With that said, below are the top 5 countries that buy the most products from Nigeria.

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