By Obafemi Oredein

Special to Dow Jones Newswires


IBADAN, Nigeria--Nigeria exported crude oil worth 1.58 billion Nigerian naira ($3.6 million) to India in the second quarter of 2022, the Nigerian Bureau of Statistics said in a report.

Crude oil was followed by exports of liquefied natural gas to India at NGN48.39 billion and cashew nuts worth NGN18.50 billion, the NBS said.

India remains one of the largest export markets for Nigeria and accounted for 14.8% of total exports in the quarter, amounting to NGN1,099.52 billion, the bureau said.

On the other hand, Nigeria imports from India were valued at NGN459.20 billion in the quarter.

Imported kerosene type jet fuel ranked highest with a value of NGN56.0 billion. Imports of gas oil stood at NGN31.22 billion.

Spain ranked second as the export market for Nigeria and crude oil was the largest exported commodity to Spain worth NGN854.86 billion in the quarter followed by liquefied natural gas at NGN169.62 billion, the NBS said.

Nigeria exported crude oil worth NGN886.3 billion to the Netherlands in the same quarter, according to the NBS while natural gas was valued at NGN10.63 billion and superior quality cocoa beans worth NGN8.30 billion.

Nigeria also exported crude oil worth NGN614.95 billion to Indonesia in the second quarter, superior quality cocoa beans valued at NGN6.91 billion and standard quality cocoa beans worth NGN1.53 billion.

The West African country exported crude oil worth NGN488.36 billion to the U.S. in the second quarter.

Nigeria's main imports from the U.S. were durum wheat worth NGN70.67 billion and used vehicles at NGN98.48 billion.

Oil exports account for more than 90% of Nigeria's foreign exchange earnings and 70% of government revenue, according to the International Monetary Fund.


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(END) Dow Jones Newswires

11-16-22 0821ET