Spain displaces India as Nigeria’s top export destination

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Spain was Nigeria’s top export destination in the third quarter of  2022, according to recently-released foreign trade data from the National Bureau of Statistics (NBS).

India has for years been Nigeria’s top export destination, however Spain displaced India receiving N873.62 billion worth of export goods from Nigeria, good for a 14.72% share of all exports in Q3 2022.

Despite a 39.3% gain year over year, this number showed a 15.6% decline in shipments to Spain in the second quarter. According to NBS data, Nigeria exports N293 billion worth of non-oil goods to Spain.

India, Nigeria’s main export market in Q2 2022, received the next-highest amount of shipments. Exports to India was N619.22 billion, a considerable drop of 43.7% from Q2.

The Netherlands, receiving 7.09% of exports but declining 54% from Q2 at N420.41 billion, and Indonesia, receiving 7.00% of exports at N415.16 billion but declining 34% from Q2 2022, round out the top five export destinations. France received 7.25% of all exports, worth N430.40 billion and a 34% increase from Q2.

Oil and gas products made up the majority of the top five countries’ exports, which totaled N5.93 trillion and represented 46.49% of all exports.

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With around N2.6 trillion in commerce in Q3, Europe remained Nigeria’s leading export market by continent.

With about N812 billion, Africa was Nigeria’s second-largest export market, followed by the Americas with N723.3 billion.

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About Author

Tijani Pepper is a news reporter at Panel News, and gistreportar. He is a passionate journalist in Politics, Sports development and investigative journalism.
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