Spain took over from India as Nigeria’s top export destination in the second quarter (Q2) of 2020. The European nation got 14% (N310.7 billion) of the total export trade of Nigeria in Q2 as against the 9.87% (N402.93 billion) recorded in Q1 2020.
Next is the Netherlands with 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 Q1. South Africa got 7.76% (N172.19 billion) share within the same quarter.
These were disclosed in the latest foreign trade report, 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.
Further checks by Nairametrics, shows that the latest crude oil export is the lowest recorded in the past four years. The last time a lower value was recorded was in Q2 2016 (N1.49 trillion).
Read more: Nairametrics
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