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Nigeria’s import increased by 21.04% in Q1 2022

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Non-oil export
  • First positive trade balance of N1.19 trillion, since Q2 2021.
  • Highest quarter foreign trade surplus of N1.12 trillion since Q3 2019.

CEM REPORT | National Bureau of Statistics (NBS) have revealed that Nigeria’s import increased by 21.04% in the first quarter of 2022.

The Bureau revealed this in its recently released foreign trade report for Q1 2022.

According to the report, total imports in Q1 2022 stood at N5.9 trillion, 21.04% higher when compared to N4.88 trillion recorded to the same period of 2021.

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Although, it is a 0.67% decrease when compared to N5.94 trillion in Q4 2021.

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However, Export income increased by 23.1% in Q1 2022 representing N7.1 trillion, compared to N5.77 trillion in the corresponding period of 2021. While it recorded a 137.9% increase against N2.98 trillion recorded in Q4 2021. This is the first positive trade balance of N1.19 trillion, since Q2 2021.

Nigeria’s foreign trade also rose by 11.1% to N13 trillion from N11.7 trillion recorded in the previous quarter and 65.4% higher than the N7.86 trillion recorded in Q1 2021.

Crude oil earnings alone rose by 31.66% quarter-on-quarter to N5.62 trillion in Q1 2022. While recording 175% year-on-year representing N5.62 trillion from N2.04 trillion recorded in Q1 2021.

[READ ALSO] Nigeria to Import Fertilizer from Russia and Canada

Although, Nigeria’s crude oil production recorded decline within the quarter, the rise in the price of crude oil as a result of  of the Russian-Ukraine war, led to the elevated earnings from crude export.

Crude oil export accounted for 79.16% of the total export earnings recorded in the quarter under review.

Consequently, this is Nigeria’s highest quarter trade surplus of N1.12 trillion foreign trade surplus recorded since Q3 2019.

In terms of Imports, in the first quarter of 2022, China, Netherlands, Belgium, India and the United States were the top five countries of origin of imports to Nigeria.

The value of imports from the top five countries amounted to N3.44 trillion representing 58.34% total value of imports.

On the other hand, the top five export destinations in the first quarter of 2022 were India with 16.57%, then Spain with 9.54%, Netherlands with 9.30%, Indonesia with 6.68% and the United States with 5.25%.

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