BY BAMIDELE FAMOOFO
Nigeria, Africa’s largest economy achieved a gain in trade relation with its trade partners in first quarter in 2022 as trade surplus stood at N1.2trillion.
Data from the National Bureau of Statistics on trade released on Friday puts total exports at N7.1trillion in first quarter 2022 as against N5.9trillion imports in the review period.
Total trade stood at N13.0 trillion, this was higher than N11.71trillion recorded in the fourth quarter of 2021 and the value recorded in the corresponding period of 2021 which stood at N7.86 trillion.
In the quarter under review, total exports increased by 23.13 percent when compared to the fourth quarter of 2021 (N5. 76 trillion) and by 137.88 percent of the value recorded in the first quarter of 2021 (N2. 98 trillion).
On the other hand, total imports increased by 21.04 percent in the first quarter of 2022 when compared to the value recorded in the first quarter of 2021 (N4. 88 trillion) and decreased by 0.67 percent when compared to the value recorded in the preceding quarter (N5.94 trillion).
Re-Exports in the first quarter of 2022 which stood at N115.80 billion decreased when compared to the same quarter of 2021 (N123.46billion) and also in the fourth quarter of 2021 (N284.54billion) by 6.20 percent and 59.30 percent respectively.
In the quarter under review, the top five re-export destinations were Namibia, Cameroun, Ghana, Indonesia and Malaysia. The most re-exported commodity groups were ‘Floating or submersible drilling or production platforms’ (N89.93billion) followed by ‘Vessels and other floating structures for breaking up’ valued at (N14.23billion) and ‘Helicopters of an un-laden weight exceeding 2000kg’ amounting to (N8.24billion).
The top five export destinations in the first quarter of 2022 were India with a share of 16.57 percent, followed by Spain with 9.54 percent, The Netherlands with 9.30 percent, Indonesia and the United States with 6.68 percent and 5.25 percent respectively, Altogether, the top five countries accounted for a share of 47.35 percent of the total value of exports (N7. 10 trillion). The commodity with the largest export values in the period under review was recorded in ‘Petroleum oils and oils obtained from bituminous minerals, crude’ with N5.62 trillion representing 79.16 percent, followed by ‘Natural gas, liquefied’ with N655.94billion accounting for 9.24 percent, and ‘Urea, whether or not in aqueous solution’ with N208.39billion or 2.93 percent of total exports.
In terms of Imports (CIF), in the first quarter of 2022, China, The Netherlands, Belgium, India and the United States were the top five countries of origin of imports to Nigeria. The values of imports from the top five countries amounted to N3.44 trillion representing a share of 58.34 percent of the total value of imports. The commodity groups with the largest values among the top imported products were ‘Motor Spirit ordinary’ (N1, 506.87 billion), ‘Kerosene type jet fuel’ (N292.56 billion), and ‘Durum wheat (Not in seeds)’ (N258.31 billion).
The value of total imports in Q1 2022 stood at N5.90 trillion in the first quarter of 2022, this decreased by 0.67 percent when compared with the value recorded in Q4, 2021 (N5.94 trillion); but increased by 21.04 percent compared to the value recorded in the corresponding quarter of 2021 (N4.88 trillion).
The value of agricultural imports in the first quarter of 2022 stood at N443.36 billion showing a decline when compared to the value recorded in the fourth quarter of 2021 (N667.16 billion) by 33.55 percent, but increased by 8.39 percent when compared to the value recorded in the corresponding quarter of 2021 (N409.03 billion).
The value of raw material imports stood at N538.53 billion in Q1, 2022. The value declined marginally by 0.98 percent, when compared to the value in Q4, 2021 (N543.87 billion) but rose by 47.20 percent when compared to the value recorded in Q1, 2021 (N365.86 billion).
The value of solid minerals imports in the first quarter of 2022 stood at 41.09 billion, this value was 37.84 percent higher than the value recorded in Q4, 2021 (N29.81 billion) and 74.39 percent of the value recorded in Q1, 2021 (N23.56 billion).
The value of energy goods imports stood at N0.01 billion in Q1, 2022 which was 72.69 percent and 52.80 percent lower than the value recorded in the fourth quarter of 2021 (N0.03 billion) and in the corresponding period of 2021 (N0.02 billion) respectively.
The value of imported manufactured goods in the quarter under review stood at N2.97 trillion with a marginal decline of 0.94 percent against the value recorded in Q4, 2021(N3.0 trillion). This invariably increased by 24.97percent compared to the value recorded in Q1, 2021 (N2.38 trillion).
The value of other oil products imports in the first quarter of 2022 stood at N1.91 trillion indicating an increase of 12.08 percent than the value recorded in Q4, 2021 (N1.7 trillion) and also rose by 12.20 percent compared to the value recorded in the corresponding quarter of 2021 (N1.69 trillion).
The value of total exports in Q1, 2022 stood at N7.1 trillion indicating an increase of 137.88 percent when compared to the value of exports in Q1, 2021 (N2.98 trillion) and rose by 23.13 percent compared to the value recorded in Q4 2021 (N5.77 trillion).
The value of agricultural goods exports stood at N201.59 billion in Q1, 2022 indicating an increase of 51.89% compared to the value recorded in Q4 2021 (N132.71billion) and also increased by 58.35 percent when compared to the value recorded in Q1 2021 (N127.31 billion)
The value of raw material goods exports in Q1, 2022 was valued at N259.48 billion showing an increase of 4.44 percent and 504.17 percent than the value recorded in Q4, 2021 (N248.45 billion) and Q1, 2022 (N42.95 billion) respectively.
The value of Solid Minerals exports in Q1, 2022 were valued at N19.69 billion indicating an increase of 45.17 percent compared to the value (N13.56 billion) recorded in Q4, 2021, this also increased by 111.17 percent compared to the value recorded in the corresponding quarter in 2021 (N9.32 billion).
The value of exports of energy goods in Q1, 2022 stood at N15.36 billion indicating a decline of 25.66 percent when compared to the value recorded in Q4, 2021 (N20.66 billion); and also decreased by 37.47 percent compared to Q1, 2021 (N24.57 billion).
The value of manufactured goods exports was valued at N219.08 billion in Q1, 2022 showing a decline of 44.60 percent compared to the value recorded in Q4, 2021 (N395.48 billion). Conversely, increased by 33.81 percent compared to the valued recorded in Q1, 2021 (N163.73 billion).
The value of crude oil exports in Q1, 2022 stood at N5,620.99 billion showing an increase of 31.66 percent compared to N4.27 trillion, the value recorded in Q4, 2021; and it also rose by 175.15 percent compared to the corresponding period of 2021(N2.04 trillion).
The value of other oil products exports in Q1 2022 was N764.27 billion, this increased by 11.35 percent compared to the value recorded in Q4, 2021 (N686.38 billion). In the same vein, the value also grew by 33.11 percent compared to in the same period of 2021 (N574.16 billion).
