Despite low production, Nigeria earns N5.6trn in crude oil sale in Q1

Nigeria has recorded surplus in transactions made with foreign countries in the first quarter of 2022 raking in N1.1trn surplus from the N13trn transactions conducted during the period, a report released by the National Bureau of Statistics has shown. The report which stated that Nigeria’s export in the first quarter was valued at N13trn saw […]

Nigeria has recorded surplus in transactions made with foreign countries in the first quarter of 2022 raking in N1.1trn surplus from the N13trn transactions conducted during the period, a report released by the National Bureau of Statistics has shown.

The report which stated that Nigeria’s export in the first quarter was valued at N13trn saw export going up to N7.1trn while total import was valued at N5.9trn.

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The report noted that the spike in export revenue was due to increase in crude oil export bringing in N5.6trn, accounting for 79.16 percent of total exports while non-crude oil exports value stood at N1.4trn 20.84 percent of total exports of which non-oil products contributed N715.19billion representing 10.07% of total exports.

Daily Trust reports that the export figure was a sharp rise in 24 months after the country’s export fell below N2trn in the second quarter of 2022.

“In the quarter under review, total exports increased by 23.13 percent when compared to the fourth quarter of 2021 (N5.7trn) and by 137.88 percent of the value recorded in the first quarter of 2021 (N2.9trn). On the other hand, total imports increased by 21.04 percent in the first quarter of 2022 when compared to the value recorded in the first quarter of 2021 (N4.8trn) and decreased by 0.67 percent when compared to the value recorded in the preceding quarter (N5.9trn). Re-Exports in the first quarter of 2022 which stood at N115bn.

NBS stated that the top five export destinations for Nigerian goods were India with a share of 16.57 percent, followed by Spain with 9.54 percent, The Netherlands with 9.30 percent while Indonesia and the United States had 6.68 percent and 5.25 percent.

“In terms of Imports (CIF), in the first quarter of 2022, China, The Netherlands, Belgium, India and the 4 United States were the top five countries of origin of imports to Nigeria. The values of imports from the top five countries amounted to N3.4trn representing a share of 58.34 percent of the total value of imports.”