India was Nigeria’s biggest trading partner for oil, others in Q3 2018 – NBS

India was Nigeria’s biggest trading partner in the third quarter of 2018, gulping N719.2bn of crude and N37.7bn of natural gas exports from the country. India also bought cashew nuts worth N4.7bn.

The latest figures from the National Bureau of Statistics, covering July, August and September, also listed Spain, France, Netherlands and China as Nigeria’s major trading partners in the report titled ‘Commodity Price Index and Terms of Trade for third quarter, 2018.’

Spain was the second biggest buyer of Nigeria’s crude after India. The European country bought crude worth N463bn and liquified natural gas valued at N52.7bn. In return, Nigeria imported petrol or premium motor spirit at N25.7bn, bitumen N3.7bn and petrochemical products N3.4bn.

France was Nigeria’s third biggest trading partner, the NBS figures showed. France bought N422.5bn crude and N74.2bn LNG and N1.1bn of soya bean oil from Nigeria during the period. Nigeria imported petrol worth N54.6bn and lubricating oil, worth N16.1bn.

Source: The Punch




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