Nigeria’s external trade refers to the country’s economic transactions with other nations involving the import and export of goods and services. Nigeria’s external trade was significant during the President, Pre. Good luck Jonathan, with the country being one of Africa’s largest economies. However, please note that the specific details and figures may have changed since then since this 2023 may 22nd
Nigeria is known for its vast natural resources, including petroleum, natural gas, agricultural products, and solid minerals. Historically, petroleum exports have played a dominant role in Nigeria’s external trade, accounting for a significant portion of the country’s export earnings. Crude oil and petroleum products constitute a substantial share of Nigeria’s export revenue.
In terms of imports, Nigeria relies heavily on various goods, including machinery, vehicles, refined petroleum products, chemicals, pharmaceuticals, textiles, and food products. The country imports these items to meet domestic demand and support various sectors of its economy.
Nigeria’s major trading partners include countries such as China, the United States, India, the United Kingdom, the Netherlands, and France. These countries engage in both imports and exports with Nigeria, contributing to the overall external trade of the country.
It is important to note that Nigeria has implemented various trade policies and agreements to promote its external trade. These include membership in regional organizations like the Economic Community of West African States (ECOWAS) and participation in international trade agreements like the African Continental Free Trade Area (AfCFTA).
To obtain the most up-to-date and accurate information regarding Nigeria’s current external trade statistics, I recommend referring to recent reports from official sources such as the Nigerian Bureau of Statistics or the Central Bank of Nigeria.
TREND AND STRUCTURE OF NIGERIA’S EXTERNAL TRADE
There have been considerable changes in the composition and direction of external trade between Nigeria and other countries since its independence in 1960. Before independence, her trading partner was her colonial master, Britain. As of today, Nigeria’s trading partners are mainly with many advanced countries which are grouped into three:
- Western Europe: The countries are Britain, Germany, France, Italy, Holland, Spain, Portugal, Belgium and the Netherlands. Britain is Nigeria’s first and most important trading partner. The sea route through which Nigeria and Europe exchange their products is the North Atlantic Sea route.
- North and South America: The countries here include the U.S.A., Canada, Brazil, Venezuela and Argentina. U.S. A. is Nigeria’s second most important trading partner after Britain.
- The Far East: The countries include: Japan, Taiwan and South Korea.
Major commodities involved in international trade
- Nigeria’s Exports
Nigeria usually exports agricultural products and crude minerals to her foreign trading partners.
- Agricultural Products: E.g. cocoa, palm oil, palm kernel, groundnut, rubber, cotton and hides and skin.
- Mineral Products: E.g. Petroleum or crude oil, tin and columbite.
- Nigeria’s Imports
- Manufactured goods: Nigeria imports manufactured goods from these foreign countries e.g. computers, motor vehicles, tractors and machines and electronics.
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