Nigeria, Africa’s highest importer – WTO

 

The World Trade Organization (WTO) has identified Nigeria as the highest importer of commercial services in Africa.

MuchTalksBlog reports that this unenviable development was disclosed in data released by the WTO on Friday.

The WTO report showed that Nigeria was the highest importer of commercial services in Africa for the year 2020. Equally important, the WTO is currently headed by a Nigerian, DR. Ngozi Okonjo-Iweala.

The report ranked Nigeria 25th in the global list of importers of commercial services. However, Nigeria ranked number one in Africa, followed by Egypt which ranked 28th in the world.

On the other hand, Nigeria missed out on the list of the world’s top exporters of commercial services. Nevertheless, two African countries, Egypt and Morocco, made the list.

Meanwhile, the WTO disclosed that the preliminary estimates were based on quarterly statistics.

“Figures for a number of countries and territories have been estimated by the Secretariat. Data for 2020 are not yet available for the United Arab Emirates. In 2019, commercial services exports were valued at US$72 billion and imports at US$73 billion,” the WTO disclosed.

The United States of America ranked first in the global commercial importers’ list. The US was swiftly followed by China, the United Kingdom and Japan. On the global exporters’ list, the US also topped the list followed by the UK, China and India.