Nigeria is a country blessed with immense natural and human resources that many countries covet. While a devastating brain drain is taking care of the need for its human resources, a lot of countries are scrambling with each other over Nigeria’s natural resources, of which the most important is petroleum. We take a look at Nigeria’s biggest customers.
The bilateral relations between the Republic of India and the Federal Republic of Nigeria have considerably expanded in recent years with both nations building strategic and commercial ties.
Oil-rich Nigeria stated recently that India has replaced the United States as its largest crude importer, as it covered 20–25 percent of India’s domestic oil demand. India, however, now purchases some 30% of Nigeria’s daily crude production which currently hovers around 2.5 million barrels. With bilateral oil trade valued at US$10 billion, Indian oil companies are also involved in oil drilling operations in Nigeria and have plans to set up refineries there.
Latest figures shows India accounts for over 15.9% of Nigeria’s total exports, with an accruing value of US$8.4 billion.
By (Q1) of 2018, Netherlands briefly surpassed India to be Nigeria’s largest trading partner, with trade volume of over three billion Euro (N1.2 trillion).
This total, according to the ambassador of the Netherlands to Nigeria is composed of imports from the Netherlands worth 726 million Euro and exports to the Netherlands of 2.29 billion Euro. Nigeria, therefore, has a healthy trade surplus with the Netherlands.
More recent figures put the value of Nigeria’s exports to the Netherlands at $5.7 billion. Over 10.7% of Nigeria’s total exports.
However, as with India, a majority of the value of the exports are petroleum products.
Currently Spain accounts for about 10.7% of Nigeria’s total exports, with the value totaling to $5.7 billion. As of 2017, Mineral fuels, oils, distillation products, represented about $4.28B of Spain’s total imports from Nigeria.
France accounts for about 10.1% of Nigeria’s total exports, woth an accruing value of $5.4 billion. Of this figure, oil exports naturally brings in the bulk of revenue, providing the Nigerian treasury with about $3.38B. Nigeria also export large quantities of cocoa and rubber to France, among other commodities.
South-Africa is Africa’s biggest importer of Nigerian products, with total exports representing 6.4% of Nigeria’s exports and with a value of $3.4 billion. The vast majority of these imports are oil related, taking about $1.97B of the import from South-Africa as of 2017.