OpeOluwani Akintayo
Lagos — A report on Nigeria’s foreign trade statistics has shown that the country continues to rely on oil exports as the main source of revenue.
The report released by the National Bureau of Statistics, NBS said export in the third quarter 2021 was still oil dependent.
Crude oil exports recorded N4,026.18 billion and it remained the major product in total exports of 78.48%, while non-crude oil was valued at N1,104.1 billion or 21.52% of total exports of which non-oil products only contributed N546.27 billion representing 10.65% of total exports during the quarter under review.
Nigeria’s major export trading partners, according to the report were India (14.78%), Spain (12.22%), Italy (8.69%), France (7.08%), Netherlands (4.78).
However, the major import trading partners were China (29.95%), India (8.71%), the United States (7.35%), the Netherlands (6.80%) and Belgium (5.32%).
While total exports were pegged at N5,130.30 billion, which shows a 1% growth compared to the second quarter of the same year and a 71.38% growth compared to the third quarter in 2020, total imports in the third quarter grew to N8,153.79 billion, showing an increase of 17.32% quarter on quarter and 51.47% on a year-on-year basis.
