CEM REPORT | In a move to increase revenue Nigeria has pushed further in exportation. In the second quarter of the year (Q2’22), the nation gained a total of N7.41 trillion from the exportation of goods.
This is a 4.3% from N7.1 trillion recorded in the previous quarter and a 47.5% increase from N5.02 trillion recorded in the corresponding period of 2021 according to the recently released foreign trade report by the National Bureau of Statistics (NBS).
The trade balance surplus increased to N1.97 trillion. It is worth noting that this is the highest since Q2 2018, making the export for the review period the highest on record.
The nation’s number one export – crude oil brought in a revenue of N5.9 trillion in the period under review, a stunning 45.1% increase year on year.
The increase in the country’s crude oil earnings can be attributed to the significant rise in the price of crude oil, which has remained elevated since the beginning of the Russia-Ukraine war in February 2022.
Top 10 goods exported in Nigeria in Q2’22:
- Crude oil – N5.9 trillion
According to the National Bureau of Statistics. Crude Oil export accounted for 79.77% of the total export with a total of N5.91 trillion in the period under review.
Compared to the previous quarter, crude petrol export increased by 5.1% from N5.62 trillion recorded in Q1’22.
- Natural gas – N735.6 billion
Natural gas ranks second on the list of top exported products in Q2 2022, bringing in a total of N735.59 billion in the period under review, representing 9.93% of the total exports.
This is a 12.1% increase when compared to N655.9 billion recorded in Q1 2022.
- Urea – N308.1 billion
Export earnings from Urea increased from N208.39 billion recorded in the previous quarter to N308.1 billion in Q2’22, representing a 47.9% increase quarter-on-quarter.
Notably, urea export earnings accounted for 4.16% of the total amount generated from export in the review period.
- Other petroleum gases – N73.6 billion
Fourth on the list of exported products from Nigeria is other petroleum gases (in gaseous state). It generated a total sum of N73.6 billion in Q2 2022. This accounts for 0.99% of the total exports. The product maintains the same spot it occupied in Q1’22 despite a decline of 21.4% from N93.7 billion recorded in the first quarter of the year.
- Cashew nuts – N53.16 billion
Nigerians earned a sum of N53.16 billion from the export of cashew nuts in Q2’22, representing 0.72% of the total export earnings recorded in the period under consideration.
A further breakdown of the report showed that N41.27 billion was earned from the export of cashew nuts still in the shell, while N11.89 billion was generated from the sales of shelled cashew nuts.
Other items on the list
Unwrought aluminium – N28.6 billion
Sesamum seeds – N25 billion)
Superior quality Cocoa beans – N22.5 billion
Electrical energy – N21.7 billion
Nonmonetary Gold – 17.7 billion
Nigeria recorded a total foreign trade of N12.84 trillion in the second quarter of 2022, representing a 32.2% increase from N9.71 trillion recorded in the corresponding period of 2021.
However, when compared to the previous quarter, it decreased marginally by 1.2% from N13 trillion.
Import bills increased 15.8% year on year to N5.44 trillion. However, when compared to the previous quarter it declined by 7.9%.