The Netherlands has surpassed India to become Nigeria’s second-largest trade partner in 2023, according to the National Bureau of Statistics (NBS) foreign trade statistics. Nigeria recorded a total foreign trade of N71.8 trillion in 2023, with 14 major trading partners contributing N45.4 trillion to the total trade.
China remains Nigeria’s primary trade partner, reaching a historic peak of N7.49 trillion in trade volume in 2023, showcasing its dominant role in the Nigerian market. However, the spotlight is on the Netherlands, with a dramatic rise in trade volume to N6.32 trillion, indicating a deepening economic connection between the two countries.
India, traditionally a major trade partner for Nigeria, recorded a trade volume of N5.9 trillion in 2023, showing an increase from the previous year but not enough to maintain its position above the Netherlands. The Netherlands’ strategic moves focusing on sectors like agriculture, technology, and sustainable energy, along with its geographic and logistical advantages, have contributed to its increased trade volume with Nigeria.
These changes in Nigeria’s trade partnerships reflect broader global economic trends, with nations diversifying their economic links and seeking new markets amid global uncertainties.