Crude Oil Sales Push Nigeria’s Foreign Trade To N25.84tn

Data released by the Nigerian Bureau of Statistics has shown that Nigeria’s foreign trade has increased by 47.07 per cent year-on-year to N25.84tn in the first half of 2022 due to increased crude oil sales.
According to the data, total foreign trade was N17.57tn, with crude exports at N6.12tn in the first half of 2021.

Total imports for the first half of 2021 was N9.57tn and export was N8.01tn with a trade deficit of N1.56tn.

In the first half of 2022, foreign trade totalled N25.84tn, with crude exports at N11.53tn.

Total imports for the period were put at N11.34tn, exports were put at N14.51tn, and the trade surplus was N3.17tn.

The NBS, reacting to the foreign trade for the second quarter of 2022, said, “Nigeria’s total merchandise trade stood at N12.84tn in the second quarter of 2022, indicating a marginal decrease of 1.23 per cent over the value recorded in the first quarter of 2022 and 32.22 per cent higher when compared to the value recorded in the second quarter of 2021.

“The export trade in the quarter under review stood at N7.41tn showing a rise of 4.31 per cent over the value recorded in the preceding quarter and also increased by 47.55 per cent over the corresponding period of the preceding year. Furthermore, the share of exports in total trade stood at 57.68 per cent in Q2, 2022.

“On the other hand, total imports were valued at N5.41tn in Q2, 2022 indicating a decrease of 7.89 per cent over the value recorded in the preceding quarter. However, the value increased by 15.83 per cent over what was recorded in the corresponding period of 2021. Imports’ value in the second quarter of 2022 accounted for 42.32 per cent of total trade. The balance of trade in the period under review stood at N1.97tn.

“The value of exports trade in the second quarter of 2022 was dominated by crude oil exports valued at N5.91tn which accounted for 79.77 per cent of total exports while non-crude oil exports value stood at N1.49tn or 20.23 per cent of total exports of which non-oil products contributed N675.08bn representing 9.11 per cent of total exports.”

According to NBS, the top five nations the nation re-exported to were Cote d’Ivoire, the Democratic Republic of Congo, Ghana, Cameroun, and Turkey.

The top five export destinations for the quarter of 2022 were India, Spain, The Netherlands, the United States of America, and Indonesia.

In the first quarter, Nigeria imported mostly from China, Belgium, India, The Netherlands, and the United States of America with motor spirit ordinary, gas oil, and durum wheat being the most imported commodities.