Petrol, Used Vehicles, Antibiotics Identified as Nigeria’s Major Imports

International Trade

In its just released Commodity Price Indices and Terms of Trade for the fourth quarter of 2020, the National Bureau of Statistics disclosed that Nigeria’s major export and import market were India, Spain, the Netherlands, United States and China.

The bureau stated hat the major commodities exported from Nigeria to the five nations were crude oil and natural gas. While the major imports from the countries were motor spirits, used vehicles, motorcycles and antibiotics.

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The bureau also disclosed that the all-commodity group import index increased by 0.13 per cent between October and December 2020.

“This was driven mainly by an increase in the prices of base metals and articles of base metals (one per cent), boilers, machinery and appliances; parts thereof (1.03 per cent), and products of the chemical and allied industries (0.75 per cent),” it stated.