India came first among Nigeria’s export trade partners in the fourth quarter of last year (Q4 2021) with goods worth N874.86 billion, representing 15.17 per cent share of total export in the quarter under review.

This was one of the key highlights of the Manufacturers Association of Nigeria (MAN) ‘Second Half Economic Review 2021′ (July-December 2021) released recently.

The review, which relied on data by the National Bureau of Statistics (NBS), said Spain came second with goods worth N789.23 billion or 13.69 per cent share of Nigeria’ total exports.

MAN added that France came third with goods worth N485.35 billion or 8.42 per cent share of total exports.

Netherlands ranked fourth with export goods valued at N425.85 billion or 7.38 per cent and Indonesia came fifth with export goods valued at N288.10 billion or five per cent share of total exports.

However, in the same quarter of last year, China ranked first among Nigeria’s import trading partners with import goods valued at N1652.65 billion or 27.82 per cent share of total imports.

Belgium came second with import goods valued at N613.28 billion or 10.32 per cent share; India was ranked third with N430.38 billion or 7.24 per cent of the market share of imports.

Netherlands came fourth with import goods worth N416.52 billion or 7.01 per cent share and United States came fifth with import goods valued at N340.36 billion or 5.73 per cent share of total imports.

The 2021 fourth quarter report of trade by sector revealed that the total crude oil export was N4269.36 billion while other oil products were recorded at N686.38 billion.

Nigeria’s export of manufactured goods in the period under review stood at N395.48 billion. Raw-material goods were N248.45 billion while agricultural products export was recorded at N132.71 billion in the quarter.

According to MAN, the share of manufactured goods export to total export was 6.86 per cent; agriculture and raw-materials exports to total export were 2.30 per cent and 4.31 per cent respectively.

The Association, based on NBS analysis of sectoral imports in Q4 2021, also said import of manufactured goods was N3000.66 billion; raw-material goods were N543.87 billion; agricultural products were N667.16 billion and solid mineral import amounted to N29.81 billion in the quarter.

The share of manufactured goods import to total import was 50.51 per cent. Raw-material goods and agricultural products were 9.16 per cent and 11.23 percent respectively.

To promote Nigeria’s export and boost its value going forward, MAN President Engr. Mansur Ahmed said there is the need to resume the implementation of the Export Expansion Grant (EEG) which significantly supported export in Nigeria during the peak of implementation.

He also said the time has come to avail to the productive sector the Central Bank of Nigeria (CBN) non-oil export stimulation facility with liberal term and condition, and also allow exporters 100 per cent access to foreign exchange proceeds.

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