According to the latest data of WTO, Nigeria has become the largest importer of business services in

According to Nigeria's "the cable" on April 17, the latest data released by the WTO shows that Nigeria will rank 25th among the "world's largest importers of business services" in 2020, ranking first in Africa. Egypt came 27th, second. However, Egypt also ranks first in Africa as the "world's largest export economy of business services" with 26th place, while Nepal falls behind in the list.

According to the data, the United States will become the largest exporter of goods in 2020, followed by Britain and China. At the same time, China, Britain, Japan, Singapore and the United States are among the top five major importers of goods.

The WTO pointed out that, influenced by COVID-19, the largest drop in imports in natural richness areas in 2020, including Africa (8.8%), South America (9.3%) and the Middle East (11.3%), may be mainly due to the sharp decline in export revenue caused by the drop in oil prices by about 35%. However, the situation may improve this year. The WTO predicts that African exports will grow by 8.1% this year, 3.0% next year, and imports will grow by 5.5% and 4.0% respectively.

Source: Economic and Commercial Office of the Embassy in the Federal Republic of Nigeria