Nigeria records N1.2tr surplus as foreign trade hits N52.38tr in 2022

The National Bureau of Statistics has disclosed that trade transactions between Nigeria and other countries in 2022 is estimated to be N52.38 trillion. In a report titled ‘Foreign Trade in Goods Statistics’ NBS stated that total imports amounted to N25.59tr while exports N26.79tr. This indicated that the country recorded a N1.2tr trade surplus as more […]

The National Bureau of Statistics has disclosed that trade transactions between Nigeria and other countries in 2022 is estimated to be N52.38 trillion.

In a report titled ‘Foreign Trade in Goods Statistics’ NBS stated that total imports amounted to N25.59tr while exports N26.79tr.

This indicated that the country recorded a N1.2tr trade surplus as more Nigerian products were purchased in the international community.

The report added that in the fourth quarter of 2022, Nigeria’s total trade stood at N11.72tr from which total exports stood at N6.35tr while total imports were N5.36trn.

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“Total exports increased in the fourth quarter by 7.17 percent and 10.28 percent when compared to the amount recorded in the third quarter of 2022 (N5.93tr) and the corresponding quarter in 2021 (N5.76trn) respectively.”

“Conversely, total imports declined by 15.46 percent in the fourth quarter of 2022 compared to the value recorded in the third quarter of 2022 (N6.34tr) and fell by 9.73 percent when compared to the value recorded in the corresponding quarter of 2021 (N5,940.58 billion).”

Meanwhile, products that were re-exported to other countries were valued N199.6BN representing 3.14% of total exports.

It said the top five export destinations in the fourth quarter of 2022 were Spain, Netherlands, India, France and Indonesia accounting for 9.70 percent, 9.03 percent, 7.71 percent, 7.70 percent and 7.44 percent, respectively, of total exports.

“Altogether, exports to the top five countries amounted to 41.59% of the total value of exports. The commodity with the largest export values in the period under review was Petroleum oils and oils obtained from bituminous minerals, crude’ with N4.91trn representing 77.24 percent, followed by Natural gas, liquefied’ with N704.8bn accounting for 11.08 percent, and ‘Urea, whether or not in aqueous solution’ with N160.56bn or 2.52 percent of total exports.”

In terms of Imports goods from China, Belgium, India, The Netherlands, and the United States of America were the top five countries.

The value of imports from the top five countries amounted to N2.99tr representing a share of 55.82 percent of the total value of imports.

“The commodities with the largest values of imported products were ‘Motor Spirit Ordinary’ (N1.55tr), Gas Oil (N220.47bn), and Durum Wheat (N187.96bn).”