Nigeria’s foreign trade rises 41% to N52.3 trn in 2022

By Favour Nnabugwu

Nigeria’s foreign trade rose year-on-year (YoY) by 41 percent to N52.3 trillion in 2022 from N36.9 trillion in 2021.

The National Bureau of Statistics, NBS, disclosed this today in its Fourth quarter 2023 (Q4’23) Foreign Trade in Goods report.

According to the NBS, total foreign trade in 2022 comprised of N25.6 trillion imports and N26.79 trillion exports.

However, foreign trade fell quarter-on-quarter (QoQ) by 4.9 percent to N11.9 trillion in Q4’22 from N12.2 trillion in Q3’22 due to a decline in import .

This resulted in a 143 percent rise in trade balance to N907.8 billion in Q4’22 from N409.3 billion in Q3’22.

NBS said:”In Q4’22, Nigeria’s total trade stood at ₦11.7 trillion of which total exports stood at ₦6.35 trillion and total imports amounted to ₦5.36 trillion.

“On an annual basis, total
trade was ₦52.38 trillion, total imports amounted to ₦25.59 trillion,and total exports were recorded at ₦26.79 trillion.

“Total exports increased in the fourth quarter by 7.2 percent and 10.3 percent when compared to the amount
recorded in Q3’22 (₦5.9 trillion) and the corresponding quarter in 2021
(₦5.76 trillion) respectively.

“Conversely, total imports declined by 15.5 percent in Q4’22 compared to the value recorded in Q3’22 (₦6.34 trillion) and fell by 9.7 percent when compared to the value recorded in the corresponding quarter of 2021 (₦5.94 trillion).

“The commodity with the largest export values in the period under review was Petroleum oils and oils obtained from bituminous minerals, crude’ with ₦4.9 trillion representing 77 percent, followed by ‘Natural gas, liquefied’ with ₦704.88 billion accounting for 11.08 percent, and ‘Urea, whether or not in aqueous solution’ with ₦160.56 billion or 2.52 percent of total exports.
“The commodities with the largest values of imported products were ‘Motor
Spirit Ordinary’(₦1.55 trillion), ‘Gas Oil’ (₦220.47 billion), and ‘Durum Wheat (Not in seeds)’ (₦187.96 billion). “