China topped Nigeria’s major import trade list in the second quarter of 2021, according to data from the National Bureau of Statistics (NBS).
China recorded 29.9% or N2.08 trillion of Nigeria’s total imports, which were valued at N6.95 trillion during the same period. Meanwhile, India led the list of Nigeria’s major export trading partners, accounting for 18.7% or N949.05 billion of total exports, valued at N5.08 trillion in the same quarter.
The top five countries among Nigeria’s major export trading partners were India, Spain, Canada, the Netherlands, and the United States, with respective percentages of 18.7%, 10.3%, 7.0%, 5.9%, and 5.1%.
According to the National Bureau of Statistics (NBS), the total value of agricultural trade in the second quarter of 2021 was N817.35 billion, with exports valued at N165.27 billion and imports valued at N652.08 billion.
The data stated: “The import intensity of Nigeria with the top importing partners (China, India, Netherlands, and Russia) were higher in all the months. China recorded (1.75, 1.12, and 1.23) in April, May, and June. A higher index was also recorded 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 major trading partners were Russia which recorded (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 Q2 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 shown 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, Netherlands registered higher export intensities for April (2.0) and June (1.79) but a lower export intensity for May (0.18),” Vanguard reported.
Obiora Madu, CEO of Multimix Academy, an export-oriented academy, commented on the large volume of agro-based exports with no added value. Madu explained that the increase in exports may be due to the low business activity caused by the COVID-19 pandemic and suggested that the growth should be compared to 2019 rather than the previous year. Madu also pointed out that most of Nigeria’s exports are raw, agro-based products with no value added, which could be more optimal.
While Nigeria’s export trade is heavily concentrated in a few key partners, there is still room for diversity and expansion to other markets. By doing so, Nigeria could potentially increase the profitability of its exports and further diversify its trading partners. It will be interesting to see if Nigeria takes steps to move in this direction in the future.
