Exchanges between Nigeria and Spain have been increasing for several years. According to the National Bureau of Statistics (NBS), in the first quarter of 2024, Spain was already the country's second client.
Spain became Nigeria's main client in the second quarter of 2024. According to the report on Commodity Price Indices and Terms of Trade published on September 26 by the NBS, Nigeria's exports to Spain now account for 10.34% of total exports
These consist mainly of petroleum products and natural gas, which account for more than 90% of exported products. The other products are primarily goat leather and cocoa beans.
In this way, Spain surpasses France, which was Abuja's main client in the first quarter of 2024
According to the NBS, France is now the third client of the African country, representing 9.37% of exports. They are preceded by the U.S., which is now second with 9.56% of Nigeria's exports.
Despite this leading position, Nigeria's exports to Spain have registered a slight decrease compared to the first quarter. These amounted to 2,007 billion naira ($1.21 billion) compared to 2,023.55 billion naira in the first quarter. This situation is also reflected in imports.
It is important to note that Europe remains Nigeria's main trading partner. For this second quarter, the Old Continent represents 41.60% of exports and 39.56% of imports.
Exchanges between Nigeria and the African continent remain modest, with 12.13% of exports and 4.45% of imports. Nigeria's largest client in Africa for the second quarter of 2024 is Côte d'Ivoire
Article source: ecomnewsafrique