The countries having a long-standing history of trade relations, Nigeria and Spain in the present years have come across strengthening political and trade stability due to several trade supporting agreements and memorandums of understanding. The implementation of favorable policies for strengthening the attributing trade sector along with the increasing investment in the cooperation of services are recording a significant hike in the overall trade rate between the leading trade destinations Nigeria and Spain. The main exchange driving industries are the oil and gas sector primarily supporting the increasing consumer rates for petroleum products and other globally acquired essentials.

The strategic economic relationship and the upward growth of the economic value have recorded a staggering bilateral trade rate of 9 billion US dollars in 2023. The shipments between the buyers and sellers are at a progressive rate because of the increasing consumer rates and sustainable production rate of the industrial sectors. The responsive increment towards the growing marketing demands is a result of the modernization of industrial sectors and rapid urbanization of the central areas.

Top 10 Nigeria’s Exports to Spain in 2023

The supplier authority of Nigeria to the destination estate Spain signifies the dependency of the trade management authorities of Spain on the imported goods from Nigeria for growing domestic consumption. According to the Nigeria Export Data, the top 10 leading exported goods of 2023 are,

1. Crude Oil - Export trade value of Crude Oil from Nigeria in 2023 - 6 billion US dollars.

2. Petroleum Gas - Export trade value of Petroleum Gas from Nigeria in 2023 - 2 billion US dollars.

3. Cocoa Beans - Export trade value of Cocoa Beans from Nigeria in 2023 - 700 million US dollars.

4. Natural Rubber - Export trade value of Natural Rubber from Nigeria in 2023 - 600 million US dollars.

5. Cashews - Export trade value of Cashews from Nigeria in 2023 - 500 million US dollars.

6. Sesame Seeds - Export trade value of Sesame Seeds from Nigeria in 2023 - 400 million US dollars.

7. Fruits and Vegetables - Export trade value of Fruits and Vegetables from Nigeria in 2023 - 300 million US dollars.

8. Leather Products - Export trade value of Leather Products from Nigeria in 2023 - 200 million US dollars.

9. Plastics - Export trade value of Plastics from Nigeria in 2023 - 150 million US dollars.

10. Raw Cotton - Export trade value of Raw Cotton from Nigeria in 2023 - 100 million US dollars.

Top 10 Exporting Companies of Nigeria in 2023

The steadily growing Nigerian economy has established itself as one of the fastest growing with one of the most advanced and technologically equipped industries. According to the Nigeria Trade Data, the top 10 exporting companies of Nigeria in 2023 are,

1. Dangote Group - Total worth of exported goods from Dangote Group in 2023 - 20 billion US dollars.

Variants of products exported to Spain

• Cement
• Sugar
• Salt
• Beverages
• Fertilizer

2. Nigerian National Petroleum Corporation (NNPC) - Total worth of exported goods from Nigerian National Petroleum Corporation (NNPC) in 2023 - 19 billion US dollars.

Variants of products exported to Spain

• Coal tar
• Peat
• Petroleum fuels
• LNG
• Petroleum coke

3. Shell Petroleum Development Company (SPDC) - Total worth of exported goods from Shell Petroleum Development Company (SPDC)- in 2023 - 17 billion US dollars.

Variants of products exported to Spain

• Crude Oil
• Natural gas
• LNG
• Chemicals
• Coal tar

4. Chevron Nigeria Limited - Total worth of exported goods from Chevron Nigeria Limited in 2023 - 12 billion US dollars.

Variants of products exported to Spain

• Refined petroleum
• Petroleum coke
• Mineral fuels
• Iron ores
• Crude oil

5. Total E&P Nigeria Ltd - Total worth of exported goods from Total E&P Nigeria Ltd in 2023 - 9 billion US dollars.

Variants of products exported to Spain

• Mineral fuels
• Petroleum coke
• Coal tar
• Peat
• LNG

6. Nestle Foods Plc - Total worth of exported goods from Nestle Foods Plc in 2023 - 6 billion US dollars.

Variants of products exported to Spain

• Dairy products
• Confectionery
• Beverages
• Culinary products
• Infantry nutrition

7. Unilever Nigeria Plc - Total worth of exported goods from Unilever Nigeria Plc in 2023 - 5 billion US dollars.

Variants of products exported to Spain

• Personal Care Products
• Home Care Products
• Food and Beverages
• Personal Hygiene Products
• Oral Care Products

8. British American Tobacco - Total worth of exported goods from British American Tobacco in 2023 - 4 billion US dollars.

Variants of products exported to Spain

• Cigarettes
• Cigars
• Smokeless Tobacco Products
• Menthol Products
• E-cigarette Products

9. Coca-Cola HBC - Total worth of exported goods from Coca-Cola HBC in 2023 - 3 billion US dollars.

Variants of products exported to Spain

• Carbonated Soft Drinks
• Bottled Water
• Energy Drinks
• Ready-to-Drink Beverages
• Fruit Juices

10. Nigerian Breweries Plc - R- Total worth of exported goods from Nigerian Breweries Plc - R in 2023 - 2 billion US dollars.

Variants of products exported to Spain

• Beer
• Malt drinks
• Spirits
• Non-alcoholic beverages
• Ready-to-drink (RTD) alcoholic beverages

FAQ'S

Que. What is the total bilateral trade value of Nigeria and Spain in 2023?
Ans. The total bilateral trade value of Nigeria and Spain in 2023 is 9 billion US dollars.

Que. What is the top exported product of Nigeria to Spain in 2023?
Ans. Crude oil is the top exported product of Nigeria to Spain in 2023.

Que. Who is the top exporting company of Nigeria in 2023?
Ans. Dangote Group is the top exporting company in Nigeria in 2023.

Que. Where can you get a detailed trade analysis of Nigeria and Spain's Bilateral trade in 2023?
Ans. By subscribing to Import Globals, you can get a detailed trade analysis of Nigeria and Spain's bilateral trade in 2023.

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