The value of African exports to Asia’s largest economies is set to hit $540 billion by 2030, especially Nigerian energy exports to India, which is set to hit $112 billion by 2030 from $44 billion in 2020.
This was disclosed by Standard Chartered Bank Plc in a statement to Bloomberg on Thursday.
The top five export destinations for Nigerian products in the second quarter of 2022 were India with a share of 14.85%, followed by Spain with 13.98%,
What they said:
Ricky Kaura, the bank’s regional head of transaction banking in Asia Pacific, Africa, and the Middle East said that “There’s a number of macro-economic dynamics that are creating a lot of demand — new marketplaces, newer more progressive organizations”.
He added that India will be the largest and fastest-growing importer of Nigerian shipments, which the bank forecast to hit $112 billion by 2030 from $44 billion in 2020.
- “Indonesia and mainland China will also remain key markets for Africa’s biggest economy, accounting for 12% and 10% of exports respectively by 2030” he added.
What you should know
- Nairametrics reported last month that Nigeria recorded a total foreign trade of N12.84 trillion in the second quarter of 2022, representing a 32.2% increase compared to the corresponding period of 2021 (N9.71 trillion)
- Nigeria earned N7.41 trillion from export in the period under review, compared to N5.02 trillion recorded in the corresponding period of 2021. This indicates a 47.5% year-on-year increase, import bill increased 15.8% year-on-year to N5.44 trillion.
- The top five export destinations in the second quarter of 2022 were India with a share of 14.85%, followed by Spain with 13.98%, The Netherlands with 12.35%, the United States of America and Indonesia with 8.93% and 8.45% respectively. Collectively, they accounted for 58.6% of the total export.
- In terms of Imports (CIF), China, Belgium, India, The Netherlands and the United States of America were the top five countries of origin of imports to Nigeria. The value of imports from the top five countries amounted to N3.14 trillion representing a share of 57.71% of the total value of imports.