Nigeria records $801m euro trade deficit in one year
Nigeria recorded at trade deficit of $801 million euro with the European countries in the last one year.
It was learnt that agricultural products valued at N96.05 billion (419 million euro) were exported to some Europe countries from Nigeria in 2015, leading to a trade deficit of 801million euro.
The country imported some food valued at $1.22billion euro in the last one yeThe agricultural food products imported from EU include: food products, wine, vinegar, cider, spirit, liqueurs, fruit juice, cigarettes, vermouth, wheat, infant food and other cereals, such as flour, starch or milk preparation, milk powder and whey.
It was learnt that Nigeria lacks capacity to supply palm oil, rubber and cocoa which are on high demand in Europe.
Data by Comext-Eurostat showed that in 2015, the country imported agric food products valued at 350 million euro or 34 per cent; malt, 51 million euro or 5 per cent; wine, vinegar and cider, 52 million euro or 5per cent; spirit, liqueurs, and vermouth, 64million euro or 6 per cent, wheat, 93million euro or 9 per cent; infant food and other cereals- flour, starch or milk preparation 233 million euro or 23 per cent and milk powder and whey, 178 million euro or 17 per cent.
Also some agricultural products exported to EU by Nigeria are oil seed, soya beans, cocoa paste and powder, tropical fruits, cashew nuts, spices, hop cones, wood, charcoal, cocoa beans and miscellaneous seeds.
It was learnt that oil seed and soya bean export was 36 million euro or 9per cent; cocoa paste and powder, 62million euro or 15per cent ; non attributed products amounted to 119 million euro or 28 per cent; tropical fruits, fresh or dried, nuts and spices 9million euro or 2 per cent ; miscellaneous seeds and hop cones 9million euro or 2per cent.
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