International trade between countries plays an important role in raising living standards, providing employment and providing varieties of goods and services to consumers. It enables nations to sell their locally produced goods to other countries of the world. Over the pat several decades, the Nigerian economy has connected to world economies through international trade and globalization and has been responsible for the development of the nation’s economy. Also, international trade enhances the efficient production of goods and services through the allocation of resources to countries that have a comparative advantage in their production.
International trade between countries plays an important role in raising living standards, providing employment and providing varieties of goods and services to consumers. It enables nations to sell their locally produced goods to other countries of the world.
Over the pat several decades, the Nigerian economy has connected to world economies through international trade and globalization and has been responsible for the development of the nation’s economy. Also, international trade enhances the efficient production of goods and services through the allocation of resources to countries that have a comparative advantage in their production.
Export Trade Partners
From the data got by Maritime First, India was Nigeria’s top export trading partner, with a total export value of 874.86 billion NGN which accounts for 15.17% of Nigeria’s total exports in the quarter.Spain follows in second as Nigeria’s second largest export trade partner with a total export value of 729.23 billion NGN, accounting for about 13.39% of Nigeria’s total export.
France, Netherlands and Indonesia make up Nigeria’s top five largest export trade partners, respectively. Nigeria’s total export to France has a value of 485.35 billion NGN and accounts for 8.42% of the total export in Q4 of 2021. Nigeria’s total export to the Netherlands has a value of 425.85 billion NGN and accounts for 7.38% of the total export within the same period. Total export from Nigeria to Indonesia has a total value of 288.1 billion NGN and accounts for 5% of Nigeria’s total export in Q4 of 2021.
The top exported products from Nigeria to the collective international market, comprising the India, Spain, France, Netherlands, and the USA, include crude oil, natural liquefied gas and floating or submersible drilling platforms.
Import Trade Partners
In Q4 of 2021, 27.82% of Nigeria’s total import of goods and services came from China, at a value of 1.65 trillion NGN, positioning China as Nigeria’s largest import trade partner. Within the same period, Nigeria’s second and third highest total imports were from its trade partners Belgium and India, valued at 613.28 billion and 430.38 billion NGN, respectively. Nigeria’s import from Belgium represents 10.32% of its total import while import from India represents 7.24% of its total import for Q4 of 2021.
The Netherlands and the U SA make up Nigeria’s top five largest import trade partners with imports valued at 416.52% and 340.36% respectively. The imports from both the Netherlands and the USA account for 7.01% and 5.73% of Nigeria's total imports in Q4 of 2021.Top imported products were premium motor spirit, durum wheat, hen, and rolled iron/steel.
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