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Spain Replaces India As Nigeria’s Top Export Destination

As Nigeria witnessed a twist in its foreign exports in Q2, Spain has taken over from India as Nigeria’s top export destination in the second quarter of 2020.

Brandnewsday gathers that Spain recorded 14% (N310.7 billion) of Nigeria’s total export trade in Q2, conversely to 9.87% (N402.93 billion) recorded in Q1 2020.

Moving further, the Netherlands sits in the second position as the Western Europe nation recorded 10.98% (N243.6 billion), up from 9.72% recorded in Q1 2020. While China received 9.93% share (N220.35 billion), India got 8.81% (N195.5 billion), down from the 15.61% (N637.53 billion) seen in Q12020. South Africa held 7.76% (N172.19 billion) within the same quarter.

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Nigeria Top Export

These reports were the foreign trade statistics released by the National Bureau of Statistics on Wednesday.

The report also stated that crude oil exports accounted for 70% (N1.55 trillion) of the total value of exports in Q2 2020. However, crude oil exports decreased in value by 47.2% in Q2 2020 compared to Q1 2020 and 60.5% year-on-year.

READ: Nigeria: Foreign Trade Slumps By 27.30% In Q2 2020

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According to the report, Nigeria’s total export during the quarter nosedived by 51.7% to stand at N2.22 trillion, a significant fall when compared to N4.59 trillion recorded in Q2 2019 and N4.08 trillion recorded in the previous quarter.

READ: Foreign Trade: Nigeria’s Total Export Drops By 52% In Q2 2020

The report also showed that Nigeria’s total foreign trade recorded a decrease of 27.3% when compared to N8.59 trillion recorded in the previous quarter (Q1 2020). The decline is a reflection of the disruptions caused by the COVID-19 pandemic.

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READ: Zenith Bank Assures Customers On Seamless Transactions, Apologizes For Disruptions During Infrastructure Upgrade

Meanwhile, India has been one of the fastest-growing economies in the world, with industrialization widening its appetite for crude. However, the impact of COVID-19 has halted economic growth in India. The country is now next to the US and Brazil in countries with the most cases of COVID-19. India has over 3.84 million confirmed cases and 67,486 reported deaths.

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Adebayo

Adebayo is a Content Developer and website manager who loves to learn, unlearn and relearn. He has a knack for exploring the tech world. He is always thirsty to learn as the tech ecosystem evolves every day.

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