Spain was Nigeria’s top export destination in the third quarter of 2022, according to recently-released foreign trade data from the National Bureau of Statistics (NBS).
India has for years been Nigeria’s top export destination, however Spain displaced India receiving N873.62 billion worth of export goods from Nigeria, good for a 14.72% share of all exports in Q3 2022.
This figure depicted a 15.6% decrease in exports to Spain in Q2, despite a year-on-year increase of 39.3%. Included in Nigeria’s export to Spain is N293 billion of non-oil export, according to the NBS data.
The next highest recipient of exports was India, which was Nigeria’s top destination in Q2 2022. Exports to india fell by a significant 43.7% from Q2, amounting to N619.22 billion.
Rounding out the top five export destinations are France, which received 7.25% of all exports, worth N430.40 billion and a 34% increase from Q2; the Netherlands, receiving 7.09% of exports, but declining 54% from Q2 at N420.41 billion, and; Indonesia, received a 7.00% share at N415.16 billion, a 34% decline from Q2 2022.
The top five countries accounted for 46.49% of all exports for a total of N5.93 trillion, and oil and gas products made up a dominant share.
In terms of continents, Europe continued to lead as Nigeria’s top export destination with about N2.6 trillion in trade in Q3.
Africa was the second largest export destination for Nigeria with about N812 billion while the Americas was third with N723.3 billion