Nigeria’s exports to African markets drops to a three-year low

Nigeria’s exports to key markets in Africa fell to it’s lowest level in three years in 2020.

Data obtained from the National Bureau of Statistics (NBS) Foreign Trade report on Friday indicated that the value of goods that were sold to other countries on the continent dropped to N2.37 trillion.

This represents a 39.4 percent or N1.5 billion decline from the N3.92 trillion export recorded in 2019.

A breakdown of the goods exported shows that N620.9 billion were to Economic Community of West African States (ECOWAS) members state.

Although, this is a huge drop from the progress recorded in the previous years.

Read also: Nigeria’s goods exports rise by 20% to N4.69tn in Q1— NBS

In 2019, Nigeria sold N2.24 trillion of goods to ECOWAS states, an increase from N1.01 billion in 2018 while N789.6 billion goods were exported in 2017.

One of the goods exported is a 2000kg Helicopter worth N10.46 billion to Ghana.

Other regions recieved N1.75 trillion worth of Nigerians goods the highest level in three years.

In 2019, the value of Nigeria goods exported was N1.68 trillion and increase from N1.29 trillion in 2018.

In 2017, African countries received N846 billion worth of goods from Nigeria.

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