Home » News: Netherlands Continues to Lead as Nigeria’s Top Export Destination in Q2 with N788.8 billion, representing 11.24% says Bureau of Statistics

News: Netherlands Continues to Lead as Nigeria’s Top Export Destination in Q2 with N788.8 billion, representing 11.24% says Bureau of Statistics

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NBS National Bureau of Statistics

A recent trade report released by the National Bureau of Statistics (NBS) has reaffirmed The Netherlands’ position as Nigeria’s top export destination in the second quarter of 2023.

According dailytrust.com, this report, titled “Commodity Price Indices and Terms of Trade Q1 2023,” highlights the ongoing trade partnership between the two nations.

The Netherlands maintained its leadership with a remarkable N788.8 billion in export trade, representing 11.24% of Nigeria’s total exports for the quarter. Notably, Nigeria’s total trade in Q2 reached N12.7 trillion, with N7 trillion worth of goods exported and N5.7 trillion in imports.

Key commodities exported during this period included petroleum oils and oils obtained from bituminous minerals, with crude oil alone valued at N766.3 billion. Additionally, frozen shrimps and prawns contributed N4.4 billion, while mechanically propelled vessels for goods transport added N4.2 billion to the export tally.

READ: News: National Bureau of Statistics’ data shows Nigeria spends N6.7 trillion importing Agricultural products (7.6%) in 5 years

Conversely, Nigeria imported goods worth N369.6 billion from The Netherlands during the same period. Motor spirit (ordinary) was the leading import, valued at N262.2 billion, followed by parts suitable for use in various industries and gas oil.

The United States of America emerged as Nigeria’s second-largest export destination, with goods valued at N718.6 billion, constituting 10.24% of the total exports. The most significant export commodities to the USA included crude oil, petroleum gases, and urea.

In terms of imports from the USA, Nigeria primarily brought in used vehicles with diesel or semi-diesel engines, along with Durum wheat.

Indonesia secured the third position in Nigeria’s export destinations, with trade worth N550.1 billion, equivalent to 7.84% of total exports. The main export commodity to Indonesia was crude oil, followed by superior quality cocoa beans and standard quality cocoa beans.

On the import side, Nigeria primarily imported goods like paper, hydrogenated vegetable fats, and seasoning powder from Indonesia.

France ranked fourth among Nigeria’s top export destinations, with N540.7 billion in trade, accounting for 7.71% of total exports. The significant exports to France included crude oil, natural gas, and soybean products.

Nigeria’s imports from France consisted mainly of motor spirit, malt, and durum wheat.
Spain rounded off the list of Nigeria’s top five export destinations, contributing N504.4 billion in trade, representing 7.19% of total exports. The primary export to Spain was petroleum oils and oils obtained from bituminous minerals.

These trade figures highlight the diverse range of goods exchanged between Nigeria and its key trading partners, further emphasizing the country’s role as a significant player in the global trade landscape.

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