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China Remains Nigeria’s Major Partner As Nigeria Merchandise Trade Hits N11.7trn

The National Bureau of Statistics on Tuesday put Nigeria’s total trade in the fourth quarter of 2021 at N11.7trn.

The N11.7trn is made up of exports trade value of N5.76trn and imports trade value of N5.94trn which resulted in a negative trade balance of N173.96bn.

The NBS in its Trade Merchandise Report stated that total trade in the fourth quarter of 2021 was 11.79 per cent higher when compared to the value recorded in the third quarter of 2021 with N10.47trn.

Similarly, the NBS explained that export trade grew by 12.27 per cent from N5.13trn, while import trade grew by 11.33 percent from N5.33trn in Q3 2021.

In terms of exports, the Report explained that Nigerian export trade was mainly dominated by crude oil which amounted to N4.26trn representing 74.04 per cent of total exports during the fourth quarter of 2021.

This was followed by Natural gas, liquefied with N573.85bn (9.95 per cent), floating or submersible drilling platforms with N265.33bn (4.60 per cent) and Urea with N208.05bn (3.61 per cent).

On the other hand, major products imported were motor spirit, valued at N1.44trn (24.31 per cent), followed by Durum wheat, valued at N397.19bn (6.69 per cent), and Rolled iron/steal, others with N88.23bn (1.49 per cent).

The top five major trading partners in exports during the fourth quarter of last year were India with ₦874.86bn (15.17 percent), Spain with ₦789.23bn (13.69 per cent), France with ₦485.35bn (8.42 per cent), Netherlands with ₦425.85bn (7.38 per cent), and Indonesia with ₦288.1bn (5 per cent).

Similarly, the top import trading partners during the period under review were China with ₦1.65trn (27.82 per cent), Belgium with ₦613.28bn (10.32 per cent), India with ₦430.38bn (7.24 per cent), The Netherlands with ₦416.52bn (7.01 per cent) and the United States of America with ₦340.36bn (5.73 per cent).

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