According to the NBS, ten countries around the world accounted for 69% of the total goods that Nigeria exported in the first quarter. The countries bought both Nigeria’s crude and non-crude export products estimated at N3.13 trillion.
Similarly, in terms of import bill for the same period, the report shows that 10 countries accounted for 74% of Nigeria’s total import, with an estimated import bill of N2.74 trillion paid to the countries.
A close look at the data shows that India is Nigeria’s biggest export market, while Nigeria’s biggest imported goods came from China. Here is a breakdown of Nigeria’s biggest trade partners in Q1 2019.
The top 10 destinations for Nigeria’s export
1. India: In the first quarter of 2019, India accounted for 16.43% of Nigeria’s total export. Specifically, Nigeria exported crude oil worth N684 billion to the country in just one quarter.
Some non-crude oil products exported include sesamum seeds, whether or not broken (N6 billion) and cashew nuts in the shell, estimated at N1.21 billion.
2. Spain is Nigeria’s second-biggest export market, with an estimated N487.1 billion in the first quarter of 2019. This represents about 10.7% of the total value of exported goods.
The breakdown shows that in total, N396 billion was generated from crude oil export, while N91.4 billion was from non-crude export. Leather exported to Spain was worth N2.9 billion in Q1 2019.
3. The Netherlands ranks third, accounting for 8.9% of the total goods exported by Nigeria in the first quarter of 2019.
Nigeria exported crude oil worth over N366 billion and N39 billion worth of non-crude oil products. The volume of fermented cocoa beans exported to the Netherlands was estimated at N5.7 billion.
4. South Africa accounted for 7.2% of the total value of goods exported in Q1 2019 by Nigeria, as it comprises crude oil products worth N325 billion and N495 million worth of non-crude oil goods, making South Africa the biggest African country for Nigeria’s export market in Q1 2019.
5. France is Nigeria’s 5th biggest export market, accounting for 6.67% of the total goods exported with an estimated N302 billion total export. The total export comprises N229 billion worth of crude oil products and N73 billion worth of non-crude oil goods.
6. Angola is Nigeria’s sixth biggest export market, accounting for 4.47% of the total value of export in the first quarter of 2019, which is solely non-crude oil products estimated at N202 billion.
7. Italy is seventh on the list. In the first quarter of 2019, Italy accounted for 3.96% of the total value of Nigeria’s export. Basically, crude oil export was valued at N176 billion and non-crude oil products export were estimated at N4.2 billion. Leather exported to Italy was worth N2.4 billion.
8. Turkey imported goods worth a total of N179 billion in the first quarter of 2019, thereby accounting for 3.96% of the total export. The breakdown shows N76 billion worth of crude oil and N103 billion non-crude oil goods.
Nigeria exported Sesamum seeds, whether or not broken worth N8.15 billion in just one quarter.
9. Nigeria exported N11.7 billion worth of crude oil, and non-crude oil goods worth over N143 billion to Ghana. This represents 3.43% of the total goods exported in the first quarter of 2019.
10. Sweden is the least in the top 10 list of biggest export destinations of Nigeria, with a total of N151 billion, accounting for 3.33% of the total export. The total value of export is majorly crude oil.
The top 10 sources of Nigeria’s import
1. China is Nigeria’s biggest source of import, with 26.44% of total import in the first quarter of 2019 with an estimated sum of N979 billion.
A closer look shows that items imported from China include solid mineral products, manufactured products such as laboratory, hygienic/pharmaceutical glassware, motorcycles, machines and so on.
2. Swaziland, the only African country on the list, accounted for 14.28% of the total goods brought into Nigeria in Q1 2019 summing up to N529 billion.
Major items that were imported from Swaziland include laboratory, hygienic/pharmaceutical glassware and raw material products such as mixtures of odoriferous substances used in food or drink industries.
3. United States is the third biggest source of goods imported to Nigeria, with a total of N325 billion accounting for 8.78% of the total number of goods imported in the first quarter.
A further dig shows that products such as durum wheat (in seed and not in seed), and used vehicles were mostly imported from the United States. Nigeria spent over N112 billion on the importation of used cars from U.S.A in the first quarter only.
4. India stands fourth in the list of top importers with a total of N242.7 billion, contributing 6.55% to the total import. Nigeria imported solid mineral products such as crude salt, and manufactured products such as motorcycles, laboratory and pharmaceutical glassware.
Motorcycles worth N65.3billion were imported from India. Also, tobacco was largely imported from India, costing over N2.9 billion in the first quarter only.
5. Netherlands sold goods worth N150 billion to Nigeria in the first quarter of the year, accounting for 4.07% of the total goods brought into Nigeria. Nigeria traded with Netherland majorly on agricultural products such as mackerel, herrings, blue whitings, machines, preparations for infant use and milk preparations.
In Q1 2019, Nigeria imported N150.72 billion worth of items such as laboratory, hygienic or pharmaceutical glassware from the Netherlands.
6. With imports worth over N138 billion, Belgium stands sixth on the list, contributing 3.73% to the value of goods imported by Nigeria in the first quarter. Manufactured products such as used vehicles and motorcycles were mostly traded with Belgium in the first quarter of the year.
7. Germany contributed 3.52% of the value of total goods imported by Nigeria in the first quarter of the year, Germany sold goods worth N130.4 billion to Nigeria. A deeper look into the data reveals that Nigeria traded with Germany majorly on used vehicles and raw materials such as tobacco.
8. United Kingdom sold goods worth N95 billion to Nigeria in the first quarter of the year, accounting for 2.57% of the total import of Nigeria. An insight into the data shows that Nigeria imported machines and preparations for infant use from the United Kingdom.
9. Italy accounted for 2.39% of goods that came into Nigeria in the first quarter of the year, with goods worth over N88 billion. Nigeria also traded with Italy majorly on used vehicles, spending over N12.6 billion in the first quarter.
10. South Korea is the last on the list of top sources of import for Nigeria, with goods worth a little short of N64 billion, thereby contributing 1.72% to the total value of goods imported by Nigeria.