The latest foreign trade report released by the National Bureau of Statistics (NBS) shows some interesting numbers, as Ghana emerged Nigeria’s biggest export destination for the first time.
The report revealed that Ghana tops Nigeria’s export destinations in the third quarter of 2019, as the country imported N908.5 billion worth of Cable sheaths of iron, submersible drilling platforms and crude oil.
Nigeria’s top 10 trade partners
In Q3 2019, Nigeria’s top 10 trade partners are Ghana, India, Netherlands, Spain, United States, France, South Africa, Italy, China and Canada.
- As reported in earlier publication on Nairametrics, India has remained Nigeria’s biggest export destination after it eclipsed the United States from the position.
- According to the latest report, Ghana imported N876.5 billion non-crude oil products from Nigeria, while crude oil export stood at N32.02 billion in Q3 2019 only. By this, Ghana imported 17.18% of Nigeria’s total export in three months.
- India now takes the second position with a total of N775.6 billion to import Nigeria’s goods. India imported N694.8 billion crude oil from Nigeria and N80.8 billion on non-crude oil.
- The Netherlands ranks third, accounting for 9.82% of the total goods exported by Nigeria in the third quarter of 2019.
- Spain is Nigeria’s fourth-biggest export market, with an estimated N454.6 billion in the third quarter of 2019. This represents about 8.60% of the total value of exported goods.
- The United States once again returned to Nigerian oil, as the country emerged Nigeria’s fifth biggest export destination. It country imported N322.2 billion (6.28%) goods from Nigeria, with crude oil constituting N329.8 billion.
- France is Nigeria’s 6th biggest export market, accounting for 5.02% of the total goods exported from Nigeria. The total export comprises N201.4 billion worth of crude oil products and N63.8 billion worth of non-crude oil goods.
- South Africa accounted for 4.92% of the total value of goods exported in Q3 2019 from Nigeria, with N259.7 billion on crude oil and N512 million worth of non-crude oil exports.
- In the third quarter of 2019, Italy accounted for 3.77% of the total value of Nigeria’s export. Basically, crude oil export to Italy was valued at N190.6 billion and non-crude oil products export were estimated at N8.54 billion.
- China makes the list of Nigeria’s biggest export countries. In Q3 2019, Nigeria exported N168.2 worth of goods to China.
- Canada completes the top 10 list with N149.5 billion worth of exports from Nigeria.
Why it matters?
The latest report is somewhat interesting as the development comes against the backdrop of recent border closure in the country.
- In recent times, Nigeria’s neighbouring countries have pleaded with the federal government to open its borders due to damage it brings to its economy.
- For instance, former President of Ghana, John Mahama recently appealed to President Muhammadu Buhari to open Nigeria’s borders, saying that Ghana has been heavily affected by the closure of the borders.
“I am sure that businesses in Nigeria that rely on supplies from these countries are also suffering. With the signing of the joint border task force agreement between Nigeria and her neighbours, I will like to take this opportunity to appeal to Nigeria to open up her border so that economic activities can resume,” Mahama said.
[READ: Nigeria’s Foreign Trade hits N9.18 trillion in Q3, as non-oil export rose by 374.5%]