Monday, June 21, 2021

    In Q1, Petroleum oils was Nigeria’s largest export to China valued at N113.06 billion

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    Godwin Okafor
    Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

    Exports to China in Q1 2020 was valued at N113.06 billion.

    The largest export commodity to China was Petroleum oils and oils obtained from bituminous minerals, crude valued at N54.19 billion, followed by Natural gas, liquefied and Sesamum seeds, whether or not broken valued at N42.16 billion and N9.31 billion respectively.

    On the other hand, the value of import trade from China was valued at N1,109.46 billion accounting for 26.28 % of total import.

    Import trade with China was dominated by fully automatic rifles and carbines with single smooth-bore barrels (valued at N51.97 billion), motorcycles and cycles, imported CKD by established manufacturers (N44.82 billion) and Other machine-tools for working stone, ceramics, concrete, etc (N39.72 billion).

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