India becomes Nigeria's top export destination in Q3

India has taken the first place as Nigeria's major export destination with a total of $2.02 billion on account of crude sales, representing 17.5 percent of the country's total export for the third quarter of this year, an official statement said on Friday. The data was given in the National Bureau of Statistics' (NBS) quarterly release. In 2014-15, the Indian High Commission said India imported a total of $13.53 billion worth of crude and petroleum products in 2014-15 against $13.96 billion in 2013-14. "Bilateral trade between India and Nigeria in 2014-15 stood at $16.36 billion, which was 2 per cent less compared to previous year figure of $16.98 billion," the High Commission added. It said India's exports to Nigeria have grown gradually during the last few years - from $1.08 billion in 2007-08 to $2.68 billion in 2014-15. While India's exports to Nigeria marginally increased from $26.67 billion in 2013-14 to $26.81 billion in 2014-15, imports from Nigeria decreased from $14.01 billion in 2013-14 to $13.68 billion in 2014-15. Nigeria is India's largest trading partner in Africa and India is the largest trading partner of Nigeria globally.


Popular News
Latest News