The Netherlands has overtaken India to become Nigeria’s second-largest trade partner in 2023. This is according to the foreign trade statistics reports of the National Bureau of Statistics (NBS), which revealed the shifting dynamics within Nigeria’s foreign economic engagements.
Nigeria recorded a total foreign trade of N71.8 trillion in 2023 out of which 14 of its major trading partners gained N45.4 trillion of the total trade
Meanwhile, Nigeria’s trade continued to lag with just N46 trillion in Trade, behind the pre-COVID levels of N53 trillion. However, exports to African countries recorded N37 trillion just shy of the N39 trillion recorded in 2019 suggesting the drop was in imports
According to the NBS data, China continued to lead as Nigeria’s primary trade partner, with the trade volume reaching a historic peak of N7.49 trillion in 2023. The data affirmed China’s dominant role in the Nigerian market, fueled by ongoing investments in infrastructure and trade agreements.
The spotlight, however, is on the Netherlands, which has seen a dramatic rise in its trade volume with Nigeria, escalating to N6.32 trillion in 2023. This marks a substantial increase from N5.22 trillion in 2022 and affirms a deepening economic connection between Nigeria and the Netherlands.
On the other hand, India, which has traditionally been a major trade partner for Nigeria, recorded a trade volume of N5.9 trillion in 2023. Despite showing an increase from N5.41 trillion the previous year, it was not enough to maintain its earlier position above the Netherlands in the trade rankings.
While the Netherlands’s total trade with Nigeria increased by about 21% year-on-year, trade with India increased by a marginal 4%. This further means that when the total value is re-assessed based on the impact of naira devaluation, the value of trade with India in 2023 may be similar or lesser when compared to the previous year.
India started strongly in 2015, with a higher trade volume than the Netherlands. From 2015 to 2019, India’s trade volume with Nigeria consistently increased, peaking in 2019 at approximately N5 trillion.
The Netherlands, while initially lagging, saw a significant jump in 2018, closely mirroring India’s figures.
Export to India fell slightly to N3.01 trillion in 2023, from N3.39 trillion recorded the previous year.
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