Nigeria’s total goods exports were valued at N11,722.44 billion in the fourth quarter (Q4) of 2022, according to the National Bureau of Statistics, NBS.
This was announced on Friday in Abuja in the NBS Foreign Trade in Goods Statistics Report for Q4 2022.
The overall value of imports was N5,362.83 billion, according to the NBS, while the total value of exports was N6,359.61 billion.
Total trade was N52,387.30 billion per year, total imports were N25,590.55 billion, and total exports were N26,796.75 billion, according to the report.
In comparison to the amounts reported in Q3 2022 at N5,934.15 billion and Q4 2021 at N5,766.62 billion, respectively, it was said that overall exports grew in Q4 2022 by 7.17% and 10.28%.
Nevertheless, according to the data, overall imports fell by 15.46% in Q4 2022 compared to the N6,343.53 billion amount reported in Q3 2022.
“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.
Re-exports in the reviewed quarter were valued at N199.59 billion, or 3.14% of all exports, according to the NBS.
According to the report, the top five countries for re-exports are Namibia, Equatorial Guinea, Cameroon, 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 transporting 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.”
According to the report, Spain, Netherlands, India, France, and Indonesia were the top five export destinations in Q4 2022, accounting for 9.70%, 9.03%, 7.71%, 7.70%, and 7.44%, respectively, of all exports.
“Altogether, exports to the top five countries amounted to 41.59% 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%”.
“This was followed by ‘Natural gas, liquefied’ at N704.88 billion accounting for 11.08%, and,’ Urea, whether or not in aqueous solution’ at N160.56 billion or 2.52% of total exports.”
The top five countries of origin for imports into Nigeria in terms of value were listed in the study as China, Belgium, India, the Netherlands, and the USA in Q4 2022.
It said that N2,993.67 billion, or 55.82% of the total, was the value of imports from the top five nations, accounting for N2,993.67 billion.
“The commodities with the most significant 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”.
