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Nigeria’s trade with other West African Countries are ranked the least

Goods traded by Nigeria with other West African countries have been ranked as the least among the country’s global trade partners.

Figures obtained from the National Bureau of Statistics’ foreign trade statistics for the third quarter of 2020 revealed that trade with Asian countries topped the list of Nigerian trade partners.

Part of the report read, “During the quarter, Nigeria imported goods mainly from Asia, valued at N2.59tn.

“Other major imports originated from Europe, valued at N1.8tn while imports from America and Africa amounted to N746.4bn and N175.4bn respectively.

“Import from Oceania stood at N532.4bn while goods valued at N12.5bn originated from ECOWAS.”

According to the figures, Nigeria’s imports, by country of origin, showed goods were imported mainly from China (N1.64tn or 30.51 per cent), United States (N482.3bn or 8.96 per cent), The Netherlands (N443.5bn or 8.24 per cent) and India (N354.1bn or 6.58 per cent) respectively.

The value of exports in Q3 2020 stood at N2.99tn, showing an increase of 34.85 per cent compared to Q2 2020 but a decrease of 43.41 per cent compared to Q3 2019.

Exports by section revealed that mineral products accounted for the largest proportion of exports, amounting to N2.78tn or 93.1 per cent.

This was due to the crude oil component of this section.

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