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Crude Oil Remains Top in Nigerian Export

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CEM REPORT, TRADE | Crude Oil exports accounted for 77.24% of Nigeria’s total exports in the fourth quarter of 2022 as exports in the quarter accounted for 54.25% of total trade.

According to the NBS’s Foreign Trade in Goods Statistics Report, crude oil exports in the quarter amounted to N4,911.92 billion total exports.

Non-crude oil exports on the other hand accounted for 22.76% of total exports contributing N1,447.69 billion to total exports in the quarter.

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Meanwhile, non-oil products contributed N732.24 billion representing 11.51% of total exports.

Total exports in the review quarter stood at N6,359.61 billion in the fourth quarter of 2022, which accounted for 54.25% of total trade.

The report states that the value of total exports stood at N6,359.61 billion in the fourth quarter of 2022 an increase of 7.17% from the recorded figure in the preceding quarter (Q3’22) and a 10.28% increase from the corresponding quarter of 2021.

NBS reports that the most exported products in the quarter were mineral products which stood at 89.11% of the total export value worth N5,667.22 billion.

Top products include; petroleum oils and oils obtained from bituminous minerals and crude worth N4,911.92 billion, making up 77.24% of exports.

Liquefied natural gas (LNG) exports were worth N704.88 billion. Urea exports made up N160.56 billion, which is 2.52% of exports. Drilling or production platforms exports made N140.02 billion, which is 2.23% of exports.

The NBS report noted that solid minerals exports stood at N21.03 billion a decrease of 6.41% when compared to the value recorded in Q3/2022 at N22.47 billion. The rate for Q4/2022 increased by 55.07% when compared to the corresponding quarter of 2021 at N13.56 billion.

The top exported solid mineral goods was white cement to Niger valued at N5.21 billion, and Tin ores and concentrates worth N3.74 billion to Malaysia.

[READ ALSO] Import Decline in Foreign Trade for Q4’22

The next highest export category for the period highlighted was vehicles, aircraft and vessel parts, which were valued at N199.29 billion, amounting to 3.13% of the value of total exports.

Also, chemical and allied industries’ products’ exports for the quarter were worth N169.27 billion, making up 2.66% of the value of total exports.

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