N1.87 trillion was recorded in the first quarter of this year through Commodity exports from Nigeria to China, India, Spain, Netherlands and South Africa , according to the National Bureau of Statistics(NBS) in its Commodity Price Indices Terms of Trade report .
Petroleum products stood out as the most exported commodities during the period with export trade to India dominated by crude oil, valued at N526.9bn, followed by natural gas, worth N91.3bn, and sesame seeds of N7.97bn.
Total exports from Nigeria to Spain during the period was N402.9bn, with crude oil accounting for N360.44bn or 89.46 per cent.Natural gas exported to the country was put at N31.97bn, while partially refined oil worth N5.29bn accounted for the export balance.
The value of exports from Nigeria to Netherlands was N396.93bn, while the country’s export to South Africa was valued at N319.47bn.
The major import into Nigeria came from India during the review period, with a monetary value of N637.5bn.