Nigeria’s raw material export reached its highest point within the last four years in the third quarter of 2021.
Total raw material export was N248.45 Billion which is a 429.8% year on year increase over that of Q4 2020.
The value of raw material goods exports in Q4 2021 was 482.1% more than its value in Q1 2021 and 509.5% more than the value recorded in Q4 2018.
The total value of raw materials export in Q3 2021 stood at N150.57 Billion which is thirteen times more than the export value of Q3 2020.
Export of raw materials for 2021 made up 2.68% of the total export of 2021 compared to that of 2020 which was 0.95% of the total exports.
At the end of Q4 2021, Americas was the largest buyer of raw material goods from Nigeria with a value of N205.85 Billion, Africa followed next with a value of N26.34 Billion, Europe’s value stood at N12.39 Billion, Asia was N3.85 Billion and Oceania N0.03 Billion.
The National Bureau of Statistics (NBS) defines raw material goods as products of agriculture, forestry, fishing and any other mineral in its natural form or which has undergone the minimal transformation required to prepare it for international marketing. NBS listed goods that make up raw materials to include Urea whether or not in aqueous solutions, natural rubber, ammonium sulphate, gold unwrought or in semi-manufactured forms or in powder form, leather, gum, cane sugar, diammonium hydrogen, milk preparations, mixtures of odoriferous substances, alkylbenzene, non-wired unworked sheets of float and cotton, not carded or combed.
The most exported raw material in the fourth quarter of 2021 was Urea with Brazil as the highest importer. Ammonium sulphate was the second most exported raw material and Brazil was also the top importer. Technically specified natural rubber, in primary forms or in plates was the third most exported raw material goods with Spain as its largest importer, Gold was fourth with China as its only importer and Leather further prepared after tanning/crusting without wool on was fifth with Spain as its major importer.
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