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Home News India is Nigeria’s biggest trading partner

India is Nigeria’s biggest trading partner

Latest figures from the National Bureau of Statistics (NBS) have shown that India was Nigeria’s biggest trading partner in the third quarter of 2018, gulping N719.2 billion of crude and N37.7 billion of natural gas exports from the country.

India also bought cashew nuts worth N4.7 billion, Unwrought lead (N700 million) and Leather (N300 million).

On the import side, 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 (Q3), 2018.”

Spain was the second biggest buyer of Nigeria’s crude, after India. It bought crude 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.

Read more on TODAY.NG.

 

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