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Top 5 Countries That Buy The Most Nigerian Products

Nigeria’s commerce increased significantly in Q3 2023 as compared to Q2 data. According to the country’s National Bureau of Statistics (NBS), this expansion was caused by an increase in trade activities.

The numbers provided in the NBS’s Foreign Trade in Good Statistics report demonstrated a good trade balance between the country’s imports and exports.

“Nigeria’s total trade in the third quarter of 2023 stood at ₦18,804.29 billion. Exports were valued at ₦10,346.60 billion while total imports stood at ₦8,457.68 billion. Total exports increased by 60.78% compared to the amount recorded in the second quarter of 2023 (₦6,435.13 billion) as well as by 74.36% compared to the corresponding quarter in 2022 (₦5,934.15 billion),” the report reads.

“Similarly, total imports increased by 47.70% compared to the value recorded in the second quarter of 2023 (₦5,726.25 billion) and by 33.33% when compared to the value recorded in the corresponding quarter of 2022 (₦6,343.53 billion),” the report added.

In light of this, it’s worth noting which trade partners contributed the most to revenue increase in Q3. According to the NBS’s examination of Nigeria’s export network, the West African country’s primary export customers are Europe and Asia.

However, the United States, which is on the other side of the Atlantic, played a significant role in its importation. With that said, the top five countries that buy the most Nigerian items are listed below.

RankCountry of Destination% share of total export
1.Spain12.31%
2.India9.81%
3.Netherlands9.56%
4.Indonesia7.33%
5.France6.96%

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