Nigeria’s total exports between 2003 and 2007 has increased steadily from about $23.8 billion in 2003 to $58.7 billion in 2007, an average annual growth rate of about 20 per cent, the National Association of Nigerian Traders (NANTS) and ActionAid Nigeria have said.
Making this known in a report soon to be made public, titled, “ECOWAS-EU Economic Partnership Negotiations: Nigeria’s Perspective”, and which is a collaborative effort of the two organisations revealed that the value of Nigeria’s exports to the EU increased gradually from about $7.0 billion in 2003 to about $13.1 billion in 2007.
On the other hand, Nigeria’s total imports from the various markets increased gradually from about $14.6 billion in 2003 to about $37.7 billion in 2007. “Thus in the space of about five years, the country’s imports was more than doubled. Thus the average annual growth rate was about 20 per cent”, it also noted.
Furthermore, it observed that the value of Nigeria’s imports from EU also depicted a similar upward trend by increasing from about $5.8 billion in 2003 to about $11.6 billion in 2007, stressing that by ranking first in terms of share in total imports of Nigeria, EU still remained an important source of import for the country.
According to the report authored by Ademola Oyejide and E. Olawale Ogunkola, Nigeria’s export destination was concentrated on a few partners. “In 2007 United States and the EU jointly accounted for over 70 per cent of Nigeria’s total exports in 2007”, it further said.
The report also observed that the EU ranked a distant second behind the United States, adding that the relative position of the EU in the market list can be explained from many perspectives such as the enduring historical, political and social ties; preferential market access for Nigerian products, relatively favourable proximity factors such as transport and efficient