{"id":2142,"date":"2024-10-11T10:04:00","date_gmt":"2024-10-11T10:04:00","guid":{"rendered":"https:\/\/synerginfo.com\/?p=2142"},"modified":"2024-10-11T17:54:03","modified_gmt":"2024-10-11T17:54:03","slug":"spain-becomes-nigerias-first-commercial-client","status":"publish","type":"post","link":"https:\/\/synerginfo.com\/en\/business\/spain-becomes-nigerias-first-commercial-client\/","title":{"rendered":"Spain becomes Nigeria’s first commercial client"},"content":{"rendered":"\n

In the second quarter of 2024, Spain took the place of Nigeria’s largest customer, surpassing the United States and France. This change was confirmed in the Commodity Price Indices and Terms of Trade<\/strong> report published on September 26, 2024 by the National Bureau of Statistics (NBS) of Nigeria.<\/p>\n\n\n\n

Exports dominated by oil and gas<\/h3>\n\n\n\n

Nigerian exports to Spain now account for 10.34% of the country’s total exports. They are mainly made up of petroleum products and natural gas, which form over 90% of exports to Spain. Other exported products include goat leather and cocoa beans, but they remain much less significant in volume.<\/p>\n\n\n\n

France and the United States, other major customers<\/h3>\n\n\n\n

Spain has thus overtaken France, which occupied first place in the first quarter of 2024, and which is now relegated to third place with 9.37% of Nigeria’s exports. The United States took second place with 9.56% of exports.<\/p>\n\n\n\n

Despite the increase, Nigeria’s exports to Spain declined slightly compared to the first quarter, from N2,023.55 billion to N2,007 billion (about USD 1.21 billion).<\/p>\n\n\n\n

Europe: Nigeria’s main trading partner<\/h3>\n\n\n\n

The European continent continues to dominate Nigeria’s foreign trade, accounting for 41.60% of exports and 39.56% of imports for the second quarter of 2024. In comparison, trade between Nigeria and the African continent remains modest, with 12.13% of exports and 4.45% of imports. Among African countries, C\u00f4te d’Ivoire stands out as Nigeria’s main trading partner for this period.<\/p>\n\n\n\n

Conclusion<\/h2>\n\n\n\n

Spain has become Nigeria’s largest trading partner, with exports mainly consisting of oil and gas. Although trade decreased slightly in value compared to the previous quarter, this development underlines the growing role of Europe, particularly Spain, in trade relations with Nigeria. This contrasts with more limited trade with the rest of the African continent, where C\u00f4te d’Ivoire nevertheless occupies a prominent place.<\/p>\n\n\n\n

<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

In the second quarter of 2024, Spain took the place of Nigeria’s largest customer, surpassing the United States and France. This change was confirmed in the Commodity Price Indices and Terms of Trade report published on September 26, 2024 by the National Bureau of Statistics (NBS) of Nigeria. Exports dominated by oil and gas Nigerian exports to […]<\/p>\n","protected":false},"author":1,"featured_media":2060,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39,38],"tags":[],"class_list":["post-2142","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-africa","category-business"],"yoast_head":"\nSpain becomes Nigeria's first commercial client - Synerginfo<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/synerginfo.com\/en\/business\/spain-becomes-nigerias-first-commercial-client\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Spain becomes Nigeria's first commercial client - Synerginfo\" \/>\n<meta property=\"og:description\" content=\"In the second quarter of 2024, Spain took the place of Nigeria’s largest customer, surpassing the United States and France. 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