Lotus Bank pledges support for non-oil export earnings

By Godfrey Bivbere & Providence Adeyinka

Data from the National Bureau of Statistics, NBS, has revealed that China topped Nigeria’s top import trade in the import trade list in Q2 Q2 2021.

The data further revealed that China recorded 29.9 percent or N2.08 trillion of total imports, which amounted to N6.95 trillion in the same quarter.

On the other hand, India leads the list of Nigeria’s top export trading partners with 18.7 percent or N949.05 billion of total exports which amounted to N5.08 trillion in the same quarter. A breakdown from NBS explained that the top five countries of the top export trading partners were India, which registered 18.7 percent; Spain 10.3 percent; Canada 7.0 percent; The Netherlands 5.9 percent and the United States 5.1 percent.

The data stated, “Nigeria’s import intensity with major importing partners (China, India, Netherlands and Russia) was higher in all months. China registered (1.75, 1.12 and 1.23) in April, May and June. A higher index was also registered for India (5.17, 3.34 and 2.76 for April, May and June 2021) and the Netherlands (1.60 and 1.36) in May and June, but 0.86 in April . Other important trading partners were Russia, which registered (1.68, 1.22 and 1.20 for April, May and June), while the United States recorded lower import intensities of 0.51, 0.46 and 0.52 during the months of the second quarter of 2021.

“During the months of the second quarter of 2021 (April, May and June), Nigeria had intense export trade with India (6.52, 6.25, 6.89), Spain (4.55, 3.74, 4, 30) and Canada (2.35, 2.56, 1.94). This is evidenced by the higher index recorded during the quarter. However, the available record showed lower export intensities for the United States (0.26, 0.54 and 0.06). During the quarter, the Netherlands registered higher export intensities for April (2.0) and June (1.79) but a lower export intensity for May (0.18)

However, NBS said that the total value of agricultural goods trade in Q2 2021 was N817.35 billion, while the export component of this trade totaled N165.27 billion and imports worth N652.08 billion.

In response to the above, the Chief Executive Officer of Multimix Academy, an export-oriented academy, Obiora Madu, criticized the fact that most of the items exported are agro-based with no added value.

Madu explained that the increase in export volume may not be unrelated to the fact that companies were at their lowest due to Covid, and stressed that the comparison of this year’s increase should be with that of 2019.

He said: “Yeah, last year it went down so if I want to compare I should look at 2019 to make the comparison because last year nothing more or less happened so it’s not strange if the number of this year is higher than last year. Most exports are agro-based and raw, no added value, which is not the best,” he noted.

The post China leads Nigeria’s imports in Q2 2021 as India leads exports appeared first on Vanguard News.

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