Subscribe Now
Trending News

Blog Post

Netherland Becomes Nigeria’s Second Largest Trading Partner in 2023, Beating India

Netherland Becomes Nigeria’s Second Largest Trading Partner in 2023, Beating India 

In 2023, the Netherlands surpassed India to emerge as Nigeria’s second-largest trading partner.

The National Bureau of Statistics (NBS) reports on foreign trade statistics indicate the changing nature of Nigeria’s international economic interactions. 

Nigeria recorded N71.8 trillion in total international trade in 2023, of which N45.4 trillion came from 14 of its principal trading partners.

Nigeria’s trade with the rest of Africa was N4.54 trillion, less than N5.3 trillion prior to the COVID-19 pandemic. Even still, exports to African nations came in N3.7 trillion, slightly short of the N3.9 trillion recorded in 2019, indicating that imports were the reason for the decline.

China remains Nigeria’s top trading partner, according to NBS data, with trade volume hitting a record-breaking N7.49 trillion in 2023.

The information confirmed China’s hegemonic position in the Nigerian market, which is supported by continuous trade deals and infrastructural expenditures.

The Netherlands is the centre of attention, nevertheless, as its trade volume with Nigeria has increased dramatically, reaching N6.32 trillion in 2023.

This is a significant rise from N5.22 trillion in 2022 and confirms the strengthening economic ties between the Netherlands and Nigeria.

Conversely, India, which has long been one of Nigeria’s main trading partners, recorded N5.9 trillion in trade volume in 2023.

Even while it increased from N5.41 trillion the year before, it was insufficient to keep it ahead of the Netherlands in the trade rankings.

The Netherlands’ overall commerce climbed by almost 21% with Nigeria last year, but only by 4% with India.

This also implies that the value of commerce with India in 2023 may be equal to or less than that of the previous year when the entire value is reevaluated based on the effects of the naira depreciation.

Related posts

Leave a Reply

Required fields are marked *