Nigeria’s Importation From China Hits N1.26 Trillion In Q2 – NBS

Nigeria’s Importation From China Hits N1.26 Trillion In Q2 – NBS

By Wires Editor | The Trent on October 29, 2020
Xi Jinping, Muhammadu Buhari
President Muhammadu Buhari and his china counterpart Xi Jinping

The National Bureau of Statistics, NBS, has revealed that a total of 31.41 percent or N1.26 trillion of goods imported into Nigeria in the second quarter of 2020 are from China.

The NBS on Wednesday, October 28, 2020, in its latest report on ‘Foreign trade in goods statistics’ for the second quarter of 2020, stated that Nigeria’s imports, by country of origin, shows goods were imported mainly from China (N1.26 trillion or 31.41%), United States (N428.9 billion or 10.66%), India (N322.3 billion or 8.01%), and the Netherlands (N202.9 billion or 5.04%) respectively.

On the other hand, the report stated that Spain topped the list of Nigeria’s exported goods within the period. According to NBS, the value of exports in Q2, 2020 stood at N2.22trillion, which represented a decline of 45.64 percent compared to Q1, 2020, and 51.73 percent compared to Q2, 2019.

“The year to date export amounted to N6.3 trillion, representing a 31 percent decline compared to 2019.

“Exports by section revealed that mineral products accounted for the largest portion of exports, amounting to N1.87trillion or 84.35 percent, mainly due to the crude oil component.”

This section, it noted, was followed by vehicles aircraft and parts (N221.2 billion or 9.96 percent) and others. Analysis of export by region revealed that Nigeria exported most products to Europe (N976.5 billion or 44 percent), followed by Asia (N734.1 billion or 33.08 percent), Africa (N401.4 billion or 18.1 percent), America (N105.8 billion or 4.8 percent), and Oceania (N1.7 billion or 0.08 percent). Within Africa, goods worth N149.3 billion were exported to ECOWAS member states.

Source:  Daily Times


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