info.afrindex.com
China-Africa Trade Information Service
info.afrindex.com
China-Africa Trade Information Service
Image from Internet
China leads the United States of America in importing goods to Nigeria, accounting for 26.4% of the country's total imports during the period from January to March 2019.
According to figures from the National Bureau of Statistics, Nigeria imported goods worth N979.30bn or 26.44 per cent from China in the first quarter of 2019.
In April 2018, the Central Bank of Nigeria signed a Bilateral Currency Swap Agreement with the People's Bank of China. By the end of 2018, it had injected CNY669.66m in the foreign exchange market to support businesses trading with China. Nigeria had also continued to increase its loans intake from China.
In May, the Federal Executive Council approved another $1bn Chinese loan, to be sourced from the China-Exim Bank for the Gurara II Hydropower project.
The NBS disclosed that goods worth N528.89bn or 14.28 per cent of total imports were imported from Swaziland during the quarter.
This significant volume of import was a result of the importation of a laboratory, hygienic or pharmaceutical glassware for humanitarian purposes, leading to Swaziland appearing for the first time among Nigeria’s top five trading partners in terms of imports.
Other major import trading partners during the quarter were the United States, India and the Netherlands, which accounted for N525.3bn or 8.78 per cent, N242.71bn or 6.55 per cent and N150.72bn or 4.07 per cent respectively.
Within Africa, Nigeria exported goods valued at N300.6bn to ECOWAS member states (representing 32.08 per cent of total merchandise exports to Africa).
By country of destination, Nigeria exported goods mainly to India, Spain, Netherlands, South Africa and France, valued at N745bn or 16.43 per cent, N487.1bn or 10.74 per cent, N405.4bn or 8.9 per cent, N325.5bn or 7.2 per cent and N302.3bn or 6.7 per cent respectively.
Exports trade was dominated by crude oil exports, which contributed N3.376tn or 74.45 per cent to the value of total exports in first quarter of 2019. By section, analysis revealed that Nigeria exported mainly mineral products, which amounted to N3.950tn or 87.1 per cent of the total value of exports.
Nigeria's imports stood at N3.703tn in Q1, 2019 out of which machinery and transport equipment took N1.505tn or 40.66 per cent of total imports, manufactured goods accounted for N841.3bn or 22.72 per cent and chemical and related products accounted for N403.4bn or 10.89 per cent of total imports during the period under review.
Other major imports were food and live animals, which amounted to N353bn or 9.53 per cent, and mineral fuel, which amounted to N346.2bn or 9.35 per cent during the period under review.
