Buhari-Netherlands-Visit: What To Know About Nigeria’s Trade Relations With Netherlands
President Muhammadu Buhari is currently on an official visit to the Netherlands.
The Dutch are known to have strong economic ties with Africa, and its bilateral relations with Africa’s largest economy hasn’t been bad at all.
It has emerged one of Nigeria’s largest trading partners.
Here are 4 things you need to know about the Netherlands trade relations with Nigeria.
1. The Netherlands Is Nigeria's Second Largest Trade Partner: The current volume of trade between Nigeria and the Netherlands stands at three billion Euro, about 1.2 trillion naira in the first quarter of 2018, according to latest figures from the Nigeria Bureau of Statistics, NBS.
2. Nigeria Maintains Healthy Trade Surplus With The Netherlands: The Netherlands is one of the few countries that Nigeria maintains healthy trade surplus with. According to the NBS statistics, Netherlands imports more from Nigeria than Nigeria imports from it.
Between January and March this year, imports from the Netherlands accounted for 726 million Euros while exports to the Netherlands from Nigeria accounted for 2.29 billion Euros, about 1.2 trillion naira.
3. Nigeria's Bulk Of Trade With The Netherlands Is Petroleum Products: The Netherlands' bulk of imports from Nigeria consists mainly of petroleum products. But the Netherlands also imports agricultural produce such as sesame seeds, cashew nuts, frozen shrimps and pawn, soya beans etc.
4. The Netherlands Remains In Nigeria's Top 5 Importers: Over the past one year, the Netherlands has remained in the top 5 export destinations for Nigerian goods. The other 4 include: US, Spain, France and India.