Market News

• Petroleum accounts for 79.37 of exports

Nigeria’s total imports declined by 25.83 percent in the first quarter (Q1) of 2023, from N7.5 trillion recorded in Q1 ‘2022 to N5.56 trillion. The figure recorded last quarter was, however, higher than the N5.36 trillion recorded in quarter four of last year.

Recall that business activities in the quarter reviewed were affected by the cash scarcity triggered by naira redesign implementation.

The National Bureau of Statistics (NBS), in its foreign trade in goods report, said Nigeria’s total trade in the first quarter of 2023 stood at N12.05 trillion, with exports estimated at N6.49 trillion while imports were valued at N5.56 trillion.

The report also noted that “petroleum oils and oils obtained from bituminous minerals and crude” constituted the largest exported communities valued at N5.15 trillion or 79.37 per cent. Natural gas and liquefied products came next with N622.36 billion, accounting for 9.59 per cent of the export value.

The report noted that the total exports increased in the first quarter by two per cent but declined by 8.66 per cent when compared to the amount recorded in the fourth quarter of 2022.

“The value of re-exports in the quarter under review stood at N32.17 billion, representing 0.5 per cent of total exports.

“Data available shows that the top five re-export destinations were Cameroun, Ghana, Equatorial Guinea, United Kingdom and Liberia while the most re-exported commodity was vessels and other floating structures for breaking up with N21.07 billion, this was followed by light vessels, fire floats, floating cranes and other vessels not specified in 8,905 valued at N4.71 billion. Other instruments and appliances for surveying not specified in 9015, amounting to N0.93 billion and parts of work-truck of the type used in factories, warehouses, dock areas or airports valued at N0.85 billion,” it stated.

The top export destinations in the quarter were the Netherlands with N837.65 billion or 12.91 per cent, the United States with N579.35 billion or 8.93 percent and Spain with N488.17 billion or 7.53 percent. France followed with N487.34 billion or 7.51 percent while India was fifth with N456.69 billion or 7.04 per cent of total exports.

Exports to the top five export trading partners amounted to 43.92 per cent of the total value of exports.

In terms of imports, China, the Netherlands, Belgium, India and the U.S. were the top five countries of origin of imports to Nigeria in the first quarter of 2023. The values of imports from the top five countries amounted to N3.1 trillion, representing a share of 55.78 per cent of the total value of imports, NBS said.