Data released recently by the World Trade Organisation (WTO) has revealed that Nigeria was number one importer of commercial services in Africa in 2020.
World Trade Organization ranked Nigeria as the world’s 25th commercial importer and Africa’s first followed by Egypt, which ranked 28th in the world.
Though Egypt and Morocco appeared on the list of world exporters which was led by the United States, Nigeria was clearly absent in the global commercial exporters’ list.
Also, the US ranked first in the commercial importers’ list which is followed by China, United Kingdom and Japan but US, UK, China and India led the world exporters’ list.
WTO made it known that preliminary estimates were based on quarterly statistics and said: “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 $72 billion and imports at $73 billion.”
Experts have however been agitating for the diversification of the Nigerian economy to grow exports and reduce imports.