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National Bureau of Statistics (NBS) has said that in the Q4, 2021, Nigeria’s total merchandise trade stood at $27.87 billion (₦11,707.20 billion), 74.71 per cent higher when compared to the value recorded in the Q4, 2020.
A statement released by the bureau and obtained by Daily Sun from NBS website, at the weekend, also revealed that the share of exports in total trade stood at ₦5,766.62 billion, 49.26 per cent in Q4, 2021. Whereas imports value in the Q4, 2021 accounted for ₦5,940.58 billion, 50.74 per cent of total trade, export trade by region in Q4 2021 shows that Nigeria exported most products to Europe with goods valued at ₦2,408.39 billion or 41.76 per cent of total exports, Asia (₦1,875.56 billion, or 32.52 per cent of total exports) and Africa was ₦773.83 billion or 13.42 per cent of total exports of which ₦250.52 billion worth of goods were exported to ECOWAS countries and exports to America amounted to (₦702.74 billion, or 12.19 per cent of total exports)… More details through: https://www.sunnewsonline.com/total-trade-in-q4-2021-hits-%e2%82%a611707-20-billion-says-nbs/ https://guardian.ng/news/nigerias-gdp-improves-by-3-98-in-q4-2021-nbs/ https://www.thecable.ng/nbs-nigerias-imports-exceeded-exports-by-n1-94trn-in-2021
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The trade volume between the European Union and Nigeria has increased by 25.8 per cent to peak at €28.7bn in 2021.
The EU’s imports from Nigeria stood at €17.5bn, while its exports were valued at €11.2bn, with the trade balance at €6.4bn in favour of Nigeria. The Head of the European Union Delegation to Nigeria and the Economic Community of West African States, Amb Samuela Isopi, disclosed these at a press briefing on Thursday, ahead of the Europe Day 2022 coming up on May 9…. More details through: https://punchng.com/eu-nigeria-trade-rises-by-25-8-hits-e28-7bn/ https://dailytrust.com/eu-nigeria-trade-balance-favours-nigeria-by-e6-4bn-ambassador Trade volume between Indonesia and Nigeria rose to $2.46 billion in 2021, as the southeast Asian country seeks closer economic ties with Nigeria. This was disclosed by Amb. Usra Harahap, Ambassador of Indonesia to Nigeria, during a press briefing in Abuja.
He added that Indonesia’s main economic focus is improving economic relations with Nigeria, citing efforts made to introduce, promote and boost the bilateral economic relations of the two countries, as 25 Indonesia companies now invest in Nigeria… More details through: https://independent.ng/indonesia-nigeria-trade-volume-rises-to-2-46bn-in-2021/ The United Kingdom and Nigeria held trade and investment talks on Tuesday at the Economic and Development Forum (EDF) in London, to promote trade as a force for good and boost a partnership worth over £3 billion (about N1.676 trillion).
A statement from the British Deputy High Commission in Nigeria said the UK and Nigeria agreed to start discussions on an Enhanced Trade Partnership (ETP) to strengthen trade and high-value investment across both countries. An official working-level group will be set up to explore the benefits of an ETP in priority sectors. DIT officials expect the increased ambition to build on long-standing economic ties between the UK and Nigeria, which was worth £3.2bn in 2021… More details through: https://dailytrust.com/uk-nigeria-host-talks-to-boost-n1-6tr-trade-partnership https://www.vanguardngr.com/2022/04/nigeria-seals-300m-fdi-deal-with-uk/ https://guardian.ng/business-services/nigeria-uk-to-strengthen-trade-relations/ https://punchng.com/uk-fdi-deals-to-yield-300m-for-nigeria/ https://independent.ng/uk-nigeria-to-boost-3-2bn-trade-partnership/ Between 2016 and 2021 Nigeria’s import bill rose from $21bn (N8.73tn) to of $50bn (N20.84tn), according to the Central Bank of Nigeria and the National Bureau of Statistics data.
This implies that within the five-year period, imports into the country rose by N12.11tn or 129.10 per cent. The CBN data show that the nation’s imports have been rapidly increasing since 1980… More details through: https://punchng.com/nigerias-imports-rise-by-n12-11tn-despite-forex-shortage/ India was the top trading partner for Nigeria in the fourth quarter of 2021, a report by the National Bureau of Statistics (NBS) has disclosed.
The report said India bought goods worth N874.9bn from Nigeria, amounting to 15.2 percent of total exports. A breakdown of the trade indicated that the largest commodity bought by India was petroleum oils and oils obtained from bituminous minerals, crude at N774.5bn, followed by natural gas liquefied at N89.8bn and liquefied petroleum gas N6.7bn… More details through: https://dailytrust.com/india-tops-nigerias-foreign-trade-nbs The Unites States is building a new $537 million consulate in Nigeria’s commercial hub to further support diplomatic and commercial relations between the two countries.
The 10-story building -- planned for a 12-acre site in Lagos -- will be the biggest American consulate in the world when it is completed in 2027, Mary Leonard, the U.S. ambassador to Nigeria, said at a groundbreaking ceremony on Thursday. It is intended to strengthen collaboration between the U.S. and Africa’s most populous country in areas including “music, arts, technology and entrepreneurship,” she said… More details through: https://www.bloomberg.com/news/articles/2022-03-31/u-s-building-537-million-nigerian-consulate-to-boost-relations The trade volume between Nigeria and the Association of Southeast Asian Nations (ASEAN), has reached $5.54 billion.
The Malaysian High Commissioner to Nigeria, Gloria Tiwet, made the disclosure during the ASEAN Cuisine Day organised by the ASEAN Ladies Cycle in Abuja under the leadership of the Wife of the Indonesian Ambassador to Nigeria, Mrs Nenny Harahap. The event which was held at the residence of the Indonesian Ambassador to Nigeria, Usra Hendra Harahap, had in attendance, the Wife of the Minister of Foreign Affairs, Geoffrey Onyema, Mrs Sulola Onyeama, the Ambassador of the Republic of Korea to Nigeria, Kim Young-Chae, and other senior diplomatic officials… More details through: https://www.sunnewsonline.com/nigeria-asean-trade-volume-hits-5-54-billion/ The trade volume between Nigeria and Korea hit the two billion-dollar mark in 2021 rising by about 50 per cent. The Republic of Korea Ambassador to Nigeria, Kim Young-Chae, who disclosed this in Abuja, yesterday, challenged Nigerian companies to study the market needs of the Republic to produce what is needed and the standard required.
The Ambassador said there is enough potential to further increase the trade if Nigerian companies prioritise the study of the standards and specifications of what is needed in Korea, especially agricultural products. “The trade volume between Nigeria and the Republic of Korea was around two billion dollars in 2021 which was an increment of about 50 per cent on what it used to be. The balance of trade between the countries is balanced because while Korea exports manufacturing goods into Nigeria, it also imports a lot of gas and crude oil from Nigeria… More details through: https://guardian.ng/business-services/trade-volume-between-nigeria-korea-hits-2b-in-2021/ The State of Qatar has forecasted its level of investment in Nigeria to hit about N500 billion before the end of the year with current renewed efforts at strengthened bilateral relations.
The Ambassador of the country to Nigeria, Dr. Ali Ghanem Al-Hajri, gave this projection in his address during the Qatar-Nigeria Economic Forum, held in Abuja. The envoy while noting that the Forum represents the most important economic event between the two countries, said: “The Qataris from public and private investors are looking forward in their deliberations to find more opportunities between the two countries to increase the volume of trade, technology transfer, and raise the level of the bilateral relations.We are expecting that the Qatari Investment in Nigeria would reach by the end of this year more than (500) Billion Naira (one Billion Dollar)… More details through: https://www.thisdaylive.com/index.php/2022/03/08/qatari-investments-in-nigeria-to-hit-n500bn-says-envoy/ |
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