Recent report published by the National Bureau of Statistics revealed that Nigeria’s Total trade in the first quarter of 2022 stood at N13 trillion.
This was higher than the value recorded in the fourth quarter of 2021 (N11.7 trillion) and the value recorded in the corresponding period of 2021 which stood at N7.86 trillion.
Total Exports were N7.1 trillion of which Re-exports stood at N115.80 billion, while total imports stood at N5.9 trillion.
In the quarter under review, total exports increased by 23.13% when compared to the fourth quarter of 2021 (N5.77 trillion) and by 137.88% of the value recorded in the first quarter of 2021 (N2.98 trillion). On the other hand, total imports increased by 21.04% in the first quarter of 2022 when compared to the value recorded in the first quarter of 2021 (N4.875 trillion) and decreased by 0.67% when compared to the value recorded in the preceding quarter (N5.94trillion).
Re-Exports in the first quarter of 2022 which stood at N115.80 billion decreased when compared to the same quarter of 2021 (N123.46 billion) and also in the fourth quarter of 2021 (N284.54billion) by 6.20% and 59.30% respectively.
In the quarter under review, the top five re-export destinations were Namibia, Cameroun, Ghana, Indonesia and Malaysia. The most re-exported commodity groups were “Floating or submersible drilling or production platforms” (N89.29billion) followed by “Vessels and other floating structures for breaking up” valued at (N15.93billion) and “Helicopters of an un-laden weight exceeding 2000kg” amounting to (N8.24billion).