According to reports from the National Bureau of Statistics (NBS), trade between Nigeria and India has experienced a significant decline, causing India to no longer be among Nigeria’s top five trading partners. This decline is a notable shift considering India held the top position as Nigeria’s major export destination for a considerable period of time.
Data from the NBS reveals a downward trend in trade with India, particularly since the third quarter of 2022, with the country slipping to the second and third positions in the third and fourth quarters of 2023, respectively. Nigeria heavily relies on crude oil exports, and India was one of the primary importers of this commodity. However, due to sanctions imposed by G-7 countries, led by the United States, India has turned to Russia for cheaper imports.
The sanctions on Russia are a direct consequence of its invasion of Ukraine. As a result, Nigeria has sought alternative trading partners, and the report titled ‘Commodity Price Indices and Terms of Trade Q1 2023’ highlights the Netherlands as the top destination for Nigerian goods in the first quarter of 2023. The value of exports to the Netherlands amounted to N837.6 billion, representing 12.90% of total exports during the quarter.
The report further outlines the specific commodities exported and imported between Nigeria and the Netherlands during this period. The largest exported commodity was petroleum oils and oils obtained from bituminous minerals, worth N778.1 billion. Additionally, Nigeria imported motor spirit, ordinary, valued at N472 billion, from the Netherlands.