India overtakes US as Nigeria's biggest export market

Discussion in 'Economy & Infrastructure' started by Yusuf, Jun 23, 2012.

  1. Yusuf

    Yusuf GUARDIAN Administrator

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    PAUL OHIA ABUJA: India has overtaken the US to become Nigeria's largest market for exports, according to the first quarter Trade Statistics released by the oil-rich African country's National Bureau of Statistics.

    The moving of the US to the second position is seen as a major development for Nigerian and Indian trade relations, given that the US had remained the country's largest export market since 1964.

    In a broader context, the NBS data also reveals that during the quarter, India-Nigeria bilateral trade reached USD 5.15 billion in the first quarter or within 0.5 per cent of the US which, for the moment, retains the top-spot.

    NBS put the total value of Nigeria's exports in the first quarter of 2012 at about USD 30 billion, showing that exports to India reached USD 4.2 billion, compared to USD 3.7 billion credited to the US in the period under review.

    Nigeria's export to India is mostly crude oil and cashew nuts while India exports pharmaceutical goods, machinery, electronics and rice.

    The US was trailed by the Netherlands with USD 2.9 billion, followed by Spain with USD 2.4 billion and Brazil which recorded USD 2 billion.

    High Commissioner to Nigeria Mahesh Sachdev said it is indicative of a trend of consistent robust growth.

    "If this growth persists, India can be expected to emerge as Nigeria's largest trading partner in the next quarter. Interestingly, Nigeria was India's 14th largest trading partner last year." he added.

    Sachdev said an important take-away from this data-set is the trade deficit of USD 3.7 billion that India had with Nigeria.

    "This figure is obviously too high to be sustainable. Consequently, both sides need to ensure that more Indian products are imported into Nigeria so that the momentum of growth in bilateral trade can be maintained," he said.

    This data, Sachdev said, is consistent with official Indian data which puts the bilateral trade in 2011 at USD 16.4 billion, with Indian exports to Nigeria at USD 2.6 billion (up 38 per cent annually) and India's imports from Nigeria at 13.728 billion (up 34 per cent annually).

    He gave a figure from India's Department of Commerce for the financial year that ended June 12 2012 which shows the country's exports to Nigeria in the first quarter of 2012 increasing by nearly 4 per cent over previous quarter.

    Sachdev pointed out that in recent weeks, India has permitted global unrestricted exports of agricultural products such as wheat, rice, sugar, milk powder and other goods which are needed by Nigeria.

    He said he hoped Nigerian stake-holders would take steps to source these items from India as this would promote a more balanced bilateral trade.

    http://m.timesofindia.com/PDATOI/articleshow/14359139.cms
     
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  3. Ray

    Ray The Chairman Defence Professionals Moderator

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    I was under the impression that China was the leading exporter.
     
  4. Yusuf

    Yusuf GUARDIAN Administrator

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    Sir it talks about India being the largest export market for Nigeria. This will strengthen our relations with them even further.

    BTW Nigeria is a high risk posting and the pay package offered by Indian companies active there is really high. My cousin was offered 17-20 lacs package for Nigerian while it's about 7-8 in his India posting. My cousin declined.
     
  5. Ray

    Ray The Chairman Defence Professionals Moderator

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    I know.

    I was offered an astronomical sum for a job I did not know fanny adams about.

    The next day there was some firing and people killed and a oil pipeline caught fire because of illegal tapping.

    My dreams for making a packet went up in smoke since none from the family would allow me to go.
     
  6. Apollyon

    Apollyon Führer Senior Member

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    :rofl::rofl:
     
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  7. satish007

    satish007 Senior Member Senior Member

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    Nigeria want businessmen help them landing moon,Chinese cannot give but India promise everything,china should hire Indian sales in 2030
     
  8. ejazr

    ejazr Stars and Ambassadors Stars and Ambassadors

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    Actually China is still the largest exporter, this article is basicaly saying that US used to be largest importer of Nigerian products and now India has taken its place.

    Ideally, we would want to be the biggest exporter too. Otherwise we are ending up with an excessive trade deficit.
     
  9. Yusuf

    Yusuf GUARDIAN Administrator

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    Actually, the best way to win over small countries is to be a net importer with them.

    I had written about it being a strategic weapon http://sarvatravijay.wordpress.com/...strategic-weapon-to-resolve-bilateral-issues/ but this was in relation with our neighbors. But it also applies to other small nations especially African nations who are going to be drivers of world economies with their resources in the near future.

    India has been following a good policy in Africa where it has not appeared as exploiters and looters unlike the Chinese.
     
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  10. sehwag1830

    sehwag1830 Tihar Jail Banned

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    And what will do with winning small countries if our currency declines annually by 22% ? :laugh::laugh:
     

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