Spain buys N873.6b exports from Nigeria, beats India to second position
By Jeph Ajobaju, Chief Copy Editor
Spain is now Nigeria’s largest export market with total export to the European country valued at N873.6 billion in the third quarter of 2022 (Q3 2022), gleaned from the latest report of the National Bureau of Statistics (NBS).
“Commodity Price Indices and Terms of Trade Q3 2022” report of the NBS shows India is second (worth N619.2 billion) and France third (N430.4 billion) in the export cargoes from Nigeria.
Nigeria’s total foreign trade slashed to N11.597 trillion from N12.841 trillion in Q3 2022 with total exports at N5.933 trillion, re-exports at N25 billion and total imports N5.664 trillion.
The largest commodity exported to Spain was petroleum and oil obtained from bituminous minerals worth N580.2 billion, followed by natural liquefied gas (N282.4 billion), and goat leather (N3.2 billion), according to the NBS.
“The largest exported commodity to India was petroleum oil and oil obtained from bituminous minerals, crude worth N559.3 billion; natural gas liquefied worth N46.3 billion and leather, prepared after tanning or crusting, valued at 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 at N49.3 billion, motorcycles and cycles fitted with auxiliary motor and petrol fuel,” the report said, per Vanguard.
France was Nigeria’s third export destination with goods worth N430.4 billion in Q3 2022 – which included crude oil (N413.8 billion), natural gas (N10.2 billion), and oil cake and other solid residues resulting from the extraction (N4 billion).
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Non-oil export generates $2.59b
More than 4.146 million metric tonnes of non-oil products worth $2.593 billion were exported in the first half of 2022 spanning January to June (H1 2022), said the Nigerian Export Promotion Council (NEPC).
NEPC Executive Director of NEPC Ezra Yakusak credited the feat to diversification from oil to non-oil sectors for foreign exchange (forex) earnings.
He disclosed in his first half year progress report the revenue was an increase of 62.37 per cent versus $1.59 billion in H1 2021 and above $981.442 million in H1 2020.
“In spite of the global economic recession that affected most businesses in 2021, the sector recorded a significant growth in non-oil export.
“A total of 4,146,534 metric tonnes of product worth $2.593 billion were exported between January and June 2022,” Yakusak said.
“These figures were culled from the non-oil export performance reports of various pre-shipment inspection agents who are appointed by the Federal Government to determine the volume, value and destination of Nigerian non-oil export.
“The analysis from returns of these pre-shipment inspection agents indicates that the January-June 2022 export performance was the highest half year non-oil export performance since 2018.’’
