Nigeria’s Income from Foreign Trade Hits N27trn

Nigeria’s receipts from export trade improved in 2022, according to data reported by the National Bureau of Statistics (NBS). Data shows that about N27 trillion was earned from export transactions while total payments for imported goods and services were about N26 trillion.

This translates to a favourable trade position in 2022, according to the statistic office figure reviewed. In the period, amidst a decision to diversify government revenues, earnings were majorly driven by receipts from hydrocarbon exports.

In the fourth quarter of 2022, total merchandise trade stood at N11,722.44 billion, NBS said in its Foreign Trade in Goods Statistics Report for Q4 2022. Meanwhile, in the same quarter, total exports stood at N6,359.61 billion and total imports stood at N5,362.83 billion.

The report said on an annual basis, total trade printed at N52,387.30 billion. Of the sum, total import inflows amounted to N25,590.55 billion, and total exports were recorded at N26,796.75 billion.

It said total exports increased in Q4 2022 by 7.17 per cent and 10.28 per cent when compared to the amount recorded in Q3 2022 at N5,934.15 billion and Q4 2021 at N5,766.62 billion, respectively. The report, however, said total imports declined by 15.46 per cent in Q4 2022 compared to the value recorded in Q3 2022 at N6,343.53 billion.

“Total imports also fell by 9.73 per cent when compared to the value recorded in the fourth quarter of 2021 at N5,940.58 billion,” it said.

The NBS said re-exports value in the quarter under review stood at N199.59 billion representing 3.14 per cent of total exports. The report said the top five re-export destinations were Namibia, Equatorial Guinea, Cameroun, Ghana and Togo.

It said the most re-exported commodity was ‘‘Floating or submersible drilling or production platforms recorded at N142.02 billion.

“This was followed by ‘cruise ships and similar vessels for the transport of persons or goods worth 500 tonnes valued at N14.78 billion.

“Followed by this were refrigerated vessels, other than those of subheading 8901.20, of a capacity of 500 tonnes amounting to N13.16 billion.”

The report said the top five export destinations in Q4 2022 were Spain, Netherlands, India, France, and Indonesia accounting for 9.70 per cent, 9.03 per cent, 7.71 per cent, 7.70 per cent, and 7.44 per cent, respectively, of total exports.

“Altogether, exports to the top five countries amounted to 41.59 per cent of the total value of exports,” NBS stated.

It said the commodity with the largest export values in the period under review was ‘‘Petroleum oils and oils obtained from bituminous minerals, crude’ at N4,911.92 billion representing 77.24 per cent”.

“This was followed by ‘Natural gas, liquefied’ at N704.88 billion accounting for 11.08 per cent, and,’ Urea, whether or not in aqueous solution’ at N160.56 billion or 2.52 per cent of total exports.”

In terms of imports, the report said in Q4 2022, China, Belgium, India, The Netherlands and the USA were the top five countries of origin of imports to Nigeria.

It said the value of imports from the top five countries amounted to N2,993.67 billion representing a share of 55.82 per cent of the total value of imports.

“The commodities with the largest values of imported products were Motor Spirit Ordinary at N1,558.49 billion, Gas Oil at N220.47 billion, and Durum Wheat (not in seeds) at N187.96 billion. #Nigeria’s Income from Foreign Trade Hits N27trn