Recent report from the Nigerian Office for Trade Negotiations have shown that the country mostly imported from China, United States and India in the second quarter of 2020.
The value of Nigeria merchandise trade in that quarter stood at N6.2 trillion, lower by 27.30 per cent than what was achieved between January and March when COVID-19 lockdown had not taken a hold.
Of that figure, Nigeria only exported goods worth N2.2 trillion, almost half of what it sold the previous quarter, leaving a trade deficit of N1.8 trillion.
“Almost half of all imports to Nigeria came from Asia than from any other continent, logically, because China and India account for 39.32 per cent of total imports to Nigeria in Q2 2020,” the report said.
It said almost a third of all Nigerian imports in the reviewed quarter came from China alone, which recorded N1.2 trillion or 31.41 per cent.
This was followed by the U.S. with N428.9 billion worth of imports.
“India, Netherlands, and Germany ranked third, fourth, and fifth with values at N322.30 billion, ₦202.86 billion, and ₦157.15 billion respectively,” the report said.
Brazil, Russia, South Korea, United Kingdom and Italy complete the top 10 list of countries Nigeria bought from between April and June of 2020.
In terms of exports during the period under review, Nigeria exported the most (40 per cent) to Europe, while Asia followed with 32 per cent.