By Godwin Oritse
SPAIN has emerged as Nigeria’s largest export destination with total exports worth N873.6 billion, according to a National Bureau of Statistics (NBS) report.
The NBS report titled: ‘Commodity Price Indices and Terms of Trade Q3 2022’ showed that India and France took the second and third position in the export cargoes from Nigeria with total export value of N619.2 billion and N430.4 billion respectively .
Recall that Nigeria’s total foreign trade fell to N11.597 trillion from N12.841 trillion in Q3 2022 with total exports of N5.933 trillion, re-exports worth N25 billion while total imports amounted to N5.664 trillion.
The report stated that petroleum and oil obtained from bituminous minerals amounting to N580.2 billion was the largest export product to the country, followed by natural liquefied gas, which was valued at N282.4 billion and goat leather worth N3 . 2 billion.
The NBS report stated, “The largest commodity exported to India was petroleum and oil obtained from bituminous minerals, crude oil valued at N559.3 billion; liquefied natural gas worth N46.3 billion and leather, prepared after tanning or encrusting, worth N2.9 billion.
“On the other hand, Nigeria imports from India indicate that kerosene type jet fuel ranked highest with a value of N60.9 billion, this was followed by gas with N49.3 billion, motorcycles and bicycles equipped with auxiliary engine and petrol fuel ,” the report said.
France was Nigeria’s third export destination with goods exported in the third quarter worth N430.4 billion. Nigeria’s exports to the country included crude oil worth N413.8 billion, natural gas worth N10.2 billion and oil cake and other solid residues, which resulted from the extraction worth N4 billion.
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