Nigeria’s Non-Oil Export Hits N463bn In Q2, 2021

The nation’s non-oil export in the second quarter of 2021 has risen to N462.85 billion according to data from the National Bureau of Statistic (NBS).

The data also indicates that Nigeria recorded a N1.87 trillion deficit in trade at the end of the same quarter.

The figure showed that Nigeria’s total trade stood at N12.03tr with total imports for the quarter under review valued at N6.95tr and exports valued at N5.08tr respectively.

Crude oil exports amounted to N4.08tr while non-crude oil exports amounted to N1tr and non-oil exports amounting to a mere N462.85bn.

However, the figure for the Q2 2021 is about N3tr higher than the first quarter, which had N9.76tr, representing 23.28 percent and 88.71% higher than the corresponding quarter in 2020 with N6.37tr.

The statistics revealed that China, India and Netherlands topped the list of countries of import to Nigeria.

The total imports from China standing at 29.91% with a Gross Domestic Product (GDP) rate of 7.9%, followed by India with 8.20% imports and GDP rate of 20.1% and Netherlands with 8.02% imports with GDP rate of 9.7% and United States with 7.58% imports with GDP rate of 12.2% and Russia 4.09% imports and GDP rate of 10.3%.

It shows that most of Nigeria’s imports came in from Asia with percentage value of 49.92%, followed by Europe with 33.16% and America, Africa and Oceania following suit with import ratio of 12.50%, 3.58% and 0.84% respectively.