Nigeria’s foreign trade surplus amounted to N1.2 trillion in 2022 compared to a deficit of N1.94 trillion recorded in 2021 as the cost of exporting commodities exceeded the value of its import.
Data from the National Bureau of Statistics (NBS) reveals that total trade was N52.39 trillion in 2022, 31.79 percent up from N39.75 trillion in 2021, of which total imports amounted to N25.59 trillion, while total exports were recorded at N26.79 trillion.
On a quarterly basis, Nigeria’s total trade stood at N11.72 trillion in the fourth quarter of 2022, a decline from N12.28 trillion in the third quarter of 2022, of which total exports stood at N6.36 trillion, and total imports amounted to N5.36 trillion.
Re-export’s value in the fourth quarter stood at N199.59 billion representing 3.14 percent of total exports. The top five re-export destinations were Namibia, Equatorial Guinea, Cameroun, Ghana, and Togo.
The most re-exported commodity according to the NBS report was ‘Floating or submersible drilling or production platforms with N142.02 billion, this was followed by ‘Cruise ships and similar vessels for the transport of persons or goods – 500 tonnes’ valued at N14.78 billion and ‘Refrigerated vessels, other than those of subheading 8901.20, of a capacity – 500 tonnes’ amounting to N13.16 billion.
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 in the fourth quarter.
The commodity with the largest export values in the fourth quarter of 2022 was ‘Petroleum oils and oils obtained from bituminous minerals, crude’ with N4.91 trillion representing 77.24 percent, followed by ‘Natural gas, liquefied’ with N704.88 billion accounting for 11.08 percent, and ‘Urea, whether or not in aqueous solution’ with N160.56 billion or 2.52 percent of total exports.
In terms of imports (CIF), in the fourth quarter of 2022, China, Belgium, India, The Netherlands, and the United States of America were the top five countries of origin of imports to Nigeria.
The value of imports from the top five countries amounted to N2.99 trillion 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’ (N1.56 trillion), ‘Gas Oil’ (N220.47 billion), and ‘Durum Wheat (not in seeds)’ (N187.96 billion).
