Business

India was Nigeria’s biggest trading partner in Q3 2018

The National Bureau of Statistics (NBS) has said India emerged Nigeria’s biggest trading partner in the third quarter of 2018.

According to data released by the NBS, India imported crude oil worth N719.2 billion, N37.7 billion worth of natural gas and cashew nuts worth N4.7 billion from Nigeria in the review quarter.

The data, which covered July, August and September, also showed that Nigeria imported motorcycles and tricycles worth N29.2bn from the Asian country.

Other imports were medicines such as antibiotics to the value of N7bn, agricultural machines worth N3.6bn, dried vegetables valued at N3.6bn and treated mosquito nets worth N3.4bn.

Read also: Manufacturing sector generated more VAT in Q3 2018 —NBS

The NBS data also listed Spain, France, Netherlands and China as Nigeria’s major trading partners in the report titled ‘Commodity Price Index and Terms of Trade for third quarter, 2018.’

Spain was the second biggest buyer of Nigeria’s crude after India. The European country bought crude worth N463bn and liquified natural gas valued at N52.7bn.

Nigeria also shipped leather valued at N4.3bn and cocoa paste worth N300m to the country. In return, Nigeria imported petrol or premium motor spirit at N25.7bn, bitumen N3.7bn and petrochemical products N3.4bn.

Ripples Nigeria

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.
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Ripples Nigeria

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.
www.ripplesnigeria.com

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