NIGERIA'S OVERALL TRADE FOR Q4 2022 WAS N11.722 BILLION, ACCORDING TO NBS

Nigeria's overall goods trade, according to the National Bureau of Statistics (NBS), was worth N11,722.44 billion in the fourth quarter of 2022.

This information was released in Abuja on Friday by the NBS Foreign Trade in Goods Statistics Report for Q4 2022.

According to the NBS, overall exports were N6,359.61 billion while total imports were N5,362.83 billion.

According to the study, total trade was N52,387.30 billion each year, with total imports coming in at N25,590.55 billion and total exports coming in at N26,796.75 billion.

According to the report, overall exports grew in Q4 2022 by 7.17% and 10.28%, respectively, over the amounts reported in Q3 2022 at N5,934.15 billion and N5,766.62 billion.

According to the study, overall imports, which were valued at N6,343.53 billion in Q3 2022, decreased by 15.46% in Q4 2022.

"Total imports also fell by 9.73 per cent when compared to the value recorded in the fourth quarter of 2021 at N5,940.58 billion," it said.

Re-exports in the reviewed quarter were valued at N199.59 billion, or 3.14 percent of all exports, according to the NBS.

According to the research, the top five countries for re-exports are Namibia, Equatorial Guinea, Cameroon, Ghana, and Togo.

It stated that the item most frequently exported was, "Floating or submersible drilling or production platforms recorded at N142.02 billion.

"This was followed by 'cruise ships and similar vessels for transporting persons or goods worth 500 tonnes valued at N14.78 billion.

"Followed by this were refrigerated vessels, other than those of subheading 8901.20, of a capacity of 500 tonnes amounting to N13.16 billion."

According to the research, the top five export destinations in Q4 2022 were Spain, Netherlands, India, France, and Indonesia, which accounted for 9.70%, 9.03%, 7.71%, 7.70%, and 7.44% of all exports, respectively.

"Altogether, exports to the top five countries amounted to 41.59 per cent of the total value of exports," NBS stated.

"It said the commodity with the largest export values in the period under review was "Petroleum oils and oils obtained from bituminous minerals, crude' at N4,911.92 billion representing 77.24 per cent.

"This was followed by 'Natural gas, liquefied' at N704.88 billion accounting for 11.08 per cent, and,' Urea, whether or not in aqueous solution' at N160.56 billion or 2.52 per cent of total exports."

According to the research, the top five countries of origin for imports into Nigeria in Q4 2022 were China, Belgium, India, the Netherlands, and the USA.

According to the report, the value of imports from the top five nations totaled N2,993.67 billion, or 55.82 percent of the total import value.

"The commodities with the most significant values of imported products were Motor Spirit Ordinary at N1,558.49 billion, Gas Oil at N220.47 billion, and Durum Wheat (not in seeds) at N187.96 billion."