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Report declares India as Nigeria’s biggest trade partner

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India was Nigeria’s biggest trading partner in the third quarter of 2018, gulping $2.4 billion of crude and $121 million of natural gas exports from the country. India also bought cashew nuts worth $15.4 million.

The latest figures from the National Bureau of Statistics (NBS), covering July, August and September, showed that Nigeria imported motorcycles and cycles worth N29.2 billion from the Asian country.

Other imports were medicines such as antibiotics to the value of N7 billion, agricultural machines worth N3.6 billion, dried vegetables N3.6 billion and treated mosquito nets N3.4 billion.

The NBS also listed Spain, France, Netherlands and China as Nigeria’s major trading partners in the statement titled “Commodity Price Index and Terms of Trade for third quarter, 2018”.

Spain was the second biggest buyer of Nigerian crude oil after India. The European country bought crude oil worth N463 billion and liquefied gas valued N52.7 billion.

Nigeria also shipped leather valued N4.3 billion and cocoa paste worth N300 million to the country. In return, Nigeria imported petrol or motor spirit worth N25.7 billion, bitumen N3.7 billion and petrochemical products N3.4 billion.

France is Nigeria’s third biggest trading partner, the NBS figures showed.

France bought N422.5 billion crude oil and N74.2 billion of liquefied natural gas and N1.1 billion of soya bean oil from Nigeria, during the period, while Nigeria imported petrol worth N54.6 billion and lubricating oil worth N16.1 billion.

Netherlands is also a major importer of Nigerian crude oil as it bought N260.7 billion worth in third quarter.

It also bought liquefied gas valued at N5.6 billion, cocoa beans N2.9 billion and frozen shrimps and prawns N1.9 billion.

Nigeria imported from The Netherlands motor spirit or petrol valued at N337.2 billion, gas oil, N48.2 billion, medical equipment N36.7 billion and medicines, such as antibiotics N9.5 billion.

China, the fifth important country to Nigeria in terms of trade bought crude oil worth N24.5 billion, gas that includes LNG and butane N48.6billion. Nigeria imported chips worth N14.6 billion from China, herbicides N14 billion, motorcycles N12 billion, vehicle chassis N10 billion, iron and steel N10 billion.

The NBS said the all products Terms of Trade (TOT) index rose 0.52 percent during the period under review.  ($1=N305)


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