Nigeria’s Trade Surplus With India Rises to N2.03tn

• Nigeria’s Trade Surplus With India Rises to N2.03tn

Nigeria’s trade surplus with India rose to N2.03 trillion in the nine months through September 2018, the National Bureau of Statistics (NBS) reported.

India imported goods worth N853.7 billion from Nigeria in the first quarter of 2018. This represents 20.6 percent of the total export between the two nations in the period under review.

According to the NBS, India was Nigeria’s second leading export partner during the first quarter. Main exports were cashew, other agricultural produce, petroleum products, mineral resources and others.

Items worth of N157.92 billion were imported from India during the quarter, representing a 6.3 percent of the import trade between the two countries.

While in the second quarter, the share of export from Nigeria to India stood at 16.2 percent or N722.6 billion. Nigeria imported goods worth N145 billion in the second quarter.

In the third quarter, the share of export trade between Nigeria and India stood at 15.76 percent. The total export during the third quarter was valued at N764.9 billion.