Foreign Countries Tops Nigeria Import, Export Market

 Foreign Countries Tops Nigeria Import, Export Market

In the fourth quarter of 2020, Nigeria’s major export and import markets were from India, Spain, the Netherlands, United States and China, the National Bureau of Statistics has said.

According to the Commodity Price Indices and Terms of Trade Q4 2020, the bureau stated that the major commodities exported from Nigeria to the five nations were crude oil and natural gas.

The NBS said, “The major export and import market of Nigeria in Q4 2020 were India, Spain, the Netherlands, United States and China.

“The major export to these countries were crude petroleum and natural gas. The major imports from the countries were motor spirits, used vehicles, motorcycles and antibiotics.”

The bureau stated that the all-commodity group import index increased by 0.13 per cent between October and December 2020.

“This was driven mainly by an increase in the prices of base metals and articles of base metals (1.0 percent), boilers, machinery and appliances; parts thereof (1.03 percent), and products of the chemical and allied industries (0.75 percent),” it stated.

The NBS, however, noted that the index was negatively affected by animal and vegetable fats and oils and other cleavage products.

“the index was negatively affected by animal and vegetable fats and oils and other cleavage production (-1.06 per cent), prepared foodstuffs; beverages, spirits and vinegar; tobacco (-0.66 per cent) and plastic, rubber and articles thereof (-0.37 per cent).”

Kehinde Ogunyale

Freelance Investigative and Data Journalist

Related post