Nigeria’s trade value hits N11.72 trn in Q4, as Spain, Netherland top export destinations



Uba Group

The National Bureau of Statistics says Nigeria’s total trade value for the fourth quarter of 2022 stood at about N11.72 trillion.

The amount indicates a decline of 4.52 percent over the value recorded in the third quarter of 2022 and a slight rise of 0.13 percent when compared to the value recorded year on year in 2021.

The Bureau in its report on ‘foreign trade in goods statistics’ released on Friday gave a breakdown of the figures as total exports of about N6.36 trillion and total imports of about N5.36 trillion.

The report also revealed that the nation’s annual total trade stood at about N52.39 trillion, made up of total imports of about N25.59 trillion and total exports at about N26.80 trillion.

Detailed analysis showed that export trade increased by 7.17 percent over the value recorded in the third quarter and increased by 10.28 percent in the corresponding period of 2021, while the share of exports in total trade stood at 54.25 percent in Q4, 2022.

On the other hand, total imports declined by 15.46 percent over the value recorded in the third quarter and also fell by 9.73 percent over what was recorded in the corresponding period of 2021.

The total imports value in the fourth quarter of 2022 accounted for 45.75 percent of total trade. The balance however stood at N996.78 billion.

The report further revealed that the value of exports trade in the fourth quarter of 2022 was dominated by crude oil exports valued at N4.91 trillion which accounted for 77.24 percent of total exports while non-crude oil exports value stood at N1.45 trillion or 22.76 percent of total exports of which non-oil products contributed N732.24 billion representing 11.51 percent of total exports

On Nigeria’s exports trading partners, the report revealed that Spain topped the country’s export destinations during the quarter under review with the highest volume of export trade valued at N617.17 billion representing 9.70 percent of total exports.

This was followed by The Netherlands, India, France, and Indonesia with goods valued at N574.55 billion or 9.03 percent, N490.45 billion or 7.71 percent, N489.82 billion or 7.70 percent, and N473.27 billion or 7.44 percent of export trade, respectively. These five countries collectively accounted for 41.59 percent of the value of total exports in Q4, 2022.

Similarly, the import portfolio indicates that Asia topped the chart with an import value of N2.63 trillion or 49.05 percent of total imports. Next is import from Europe which stood at N2.01 trillion or 37.50 percent, America with N509.76 billion or 9.51 percent, Africa with N180.14 billion or 3.36 percent and Oceania with N31.32 billion or 0.58 percent.

Imports from ECOWAS countries accounted for N55.38 billion, or 1.03 percent of the value of total imports.

On a country-of-origin basis, China led the imported origin chart with goods valued at N1.36 trillion, representing 25.26 percent of total imports. Belgium, followed with N585.63 billion (10.92% of total imports), India with N368.95billion (6.88% of total imports), The Netherlands with goods imported valued at N365.28 billion or 6.81 percent of total imports, and the United States of America with N319.23 billion (5.95% of total imports).