Data from the National Bureau of Statistics (NBS) showed that Nigeria’s crude oil salesrose to N21.09trn, a 46.41 per cent increase from N14.41trn in 2021.
Total trade rose by 31.79 per cent from N39.75trn in 2021 to N52.39trn in 2022.
Total exports for 2022, according to the report, rose by 41.72 per cent from N18.91trn in 2021 to N26.79trn as of 2022 while imports rose by 22.77 per cent from N20.84trn in 2021 to N25.59trn in 2022.
In 2022, Nigeria spent N2.63trn importing food and live animal; N10.12trn importing petroleum and other mineral fuel; N1.93tn on manufactured goods; and N5.93trn on machinery and transport equipment.
“In the fourth quarter of 2022, Nigeria’s total trade stood at N11.72trn of which total exports stood at N6.36trn and total imports amounted to N5.36trn.
“On an annual basis, total trade was N52.39trn, total imports amounted to N25.59trn, and total exports were recorded at N26.79trn,” the NBS said.
A breakdown of the Q4, 2022 figures showed that the top five export destinations in the fourth quarter of 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.”
“In terms of Imports, 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 values of imports from the top five countries amounted to N2.99tn 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’ (N1.56tn), ‘Gas Oil’ (N220.47bn), and ‘durum wheat (not in seeds)’ (N187.96bn),” the bureau stated.
