Nigeria Exports N58.65b Electricity in Q1 2024
In the First Quarter 2024 Q1, Nigeria exported N58.65 billion electrical energy to African countries.
The National Bureau of Statistics (NBS) made this known in its document titled: “Foreign Trade in Goods Statistics (Q1 2024).”
A section of the report on “Analysis of Nigeria’s Trade with African Countries Q1 2024,” said the electrical energy constituted 2.62% of the goods the continent imported from Nigeria.
The countries which import electricity from Nigeria are Republic of Benin; Niger, and Togo.
NBS said Nigeria’s imports from African countries in the first quarter of 2024 consisted mainly of Kerosine type jet fuel (N31.00 billion (7.72%), petroleum bitumen (N30.45 billion (7.58%), diammonium hydrogen orthophosphate (diammonium phosphate), and (N27.64 billion (6.88%).
The report added that other liquefied petroleum gases and other gaseous hydrocarbons accounted for (N26.61billion (6.62%) and Polypropylene (N18.30 billion (4.55%) of total import from African countries.
The document said in the same vein, the major importing partners are South Africa with goods valued at N97.33billion and Ivory Coast with N51.41 billion other importing countries are Togo with N40.86 billion, Egypt with N40.23 billion and Morocco with N30.07 billion.
Nigeria, according to NBS, imported goods mainly from Asia, valued at N5,957.99 billion representing 47.12% of total imports.
It added this was followed by imports from Europe with N4,669.86 billion or 36.94%, America with N1,554.69 billion or 12.30%, Africa with N401.83 billion or 3.18% and Oceania with N58.86 billion or 0.47% in the first quarter of 2024.
The report further said imports from ECOWAS countries amounted to N113.04 billion or 0.89% of total imports.
Analysis by trading partners revealed that imports originated mainly from China and were valued at N2,930.10 billion, representing 23.18% of total imports.
It said this was followed by imports from India with N1.070.23 trillion (8.46% of total imports), United States of America with imports valued at N1.009.22 trillion or 7.98% of total imports, Belgium with N955.97 billion (7.56% of total imports) and the Netherlands with N591.55 billion or 4.68% of total imports.
NBS said, on the other hand, in the period under review, export values to African countries stood at N2.236.82 billion, while imports amounted to N401.83 billion.
“Nigeria’s exported products in Africa mainly to South Africa (N957.06 billion), Ivory Coast (N744.59 billion), Senegal Republic (N361.29 billion), Benin rep. (N55.67 billion) and Togo (N38.01 billion) representing 96.41% of exports to Africa,” said NBS.
The report said the main commodities exported to African countries in the first quarter of 2024, were petroleum oils and oils obtained from bituminous minerals valued at N2.028.20trillion (90.67% of total exports to Africa), Electrical energy (N58.65billion or 2.62%), Urea, whether or not in aqueous solution (N30.42 billion (1.36%), Cement clinkers (N12.04billion or 0.54%) and Flours and meals of soya beans (N 9.41 billion or 0.42%). The top five products accounted for 95.61% of total exports to Africa.
NBS said in the first quarter of 2024, China ranked highest among the top trading partners on the import side, followed by India, the United States of
America, Belgium, and the Netherlands. The most traded commodities, said the report, were Motor spirit ordinary, Gas oil, Durum wheat (Not in seeds), Cane sugar meant for sugar refinery, and Other Liquefied petroleum gases and other gaseous hydrocarbons.
SOURCE: The Nation
