Nigeria's Exports To India Up By 14.8% To N1.09trn In Q2

The National Bureau of Statistics (NBS) has said exports to India topped Nigeria’s commodity trade with N1.099 trillion in the second quarter (Q2) of 2022.

This was contained in its document entitled: “Commodity Price Indices and Terms of Trade (Q2 2022).”

It said: “India remains one of the largest export markets for Nigeria. In the second quarter of 2022, exports trade to India was valued at N1.099.52 trillion, amounting to 14.8 per cent of total exports.’’

NBS added that the largest exported commodity to India was “Petroleum oils and oils obtained from bituminous minerals, crude” (N1.008.58trillion). This was followed by Liquefied Natural Gas (LNG) valued at N48.39billion and ‘Cashew nuts in the shell’ valued at N18.50 billion.

The bureau said, on the other hand, Nigeria’s import from India was valued at N459.20 billion. Available data, said NBS, shows that imported kerosene-type jet fuel ranked highest with a value of N56.0billion, “this was followed by Motorcycles and cycles fitted with an auxiliary motor, petrol fuel, capacity >50<250cc, CKD valued at N 31.98billion, Gas oil (N31.22billion), Other medicaments not elsewhere specified (N26.02billion) in the period under review.”