The National Bureau of Statistics reported that overall exports for 2022 increased by 41.72%, from N18.91 trillion in 2021 to N26.79 trillion in 2022. In 2022, imports increased by 22.77% from N20.84 trillion in 20251. trillion.
Nigeria imported food and live animals at N2.63 trillion in 2022, petroleum and other mineral fuels at N10.12 trillion, manufactured products worth N1.93 trillion, and machinery and transport equipment worth N5.93 trillion.
Commenting on the expansion of international trade, NBS said that in the fourth quarter of 2022, Nigeria’s total trade was worth N11.72 trillion, of which total exports were worth N6.36 trillion and total imports were worth N5.36 trillion.
The top five export destinations in the fourth quarter of 2022 are Spain, the Netherlands, India, France, and Indonesia with export amounts of 9.70%, 9.03%, 7.71%, 7.70% and 7.44% of the total export. NBS stated.
“Overall, exports to the top five countries account for 41.59% of the total export value. In terms of imports, in the fourth quarter of 2022, China, Belgium, India, the Netherlands, and the United States are the top five countries of origin for imports to Nigeria.
The value of imports from the top five countries is N2.99tn which represents 55.82 percent of the total imports. Commodities with the largest import product value are ‘Motor Spirit Ordinary’ (N1.56tn), ‘Gas Oil’ (N220.47bn), and ‘Durum Wheat (Not in seed)’ (N187.96bn),” NBS added.
Despite the increase in crude oil sales, the World Bank said Nigeria has not benefited from the increase in oil prices due to fuel subsidies and lower oil production.
The global bank estimates that between 2020 and 2022, the average price of crude oil will increase by about 150%, while Nigeria’s macroeconomic performance will decline and fiscal space will shrink during this period. He said the government’s expected fiscal deficit would increase from 5.4 percent of GDP in 2020 before the boom to 5.7 percent of GDP in 2022.
The Washington-based bank said that since June 2020, Nigeria’s crude oil production has continued to fall below the Organization of the Petroleum Exporting Countries’ quota due to high production costs, theft and instability, arrears on joint venture payment calls, and inadequate investment. .