Nigeria’s Total Trade Volume Declined To N12 Trillion in Q2 2022

Data released by the National Bureau of Statistics (NBS) shows that Nigeria’s total trade volume for the second quarter (Q2) of 2022 dropped to N12.84 trillion from N13 trillion recorded in the first quarter (Q1). 

The country recorded a total export of N7.4 trillion and a total import of N5.4 trillion in Q2 2022. 

India, Spain, The Netherlands, the United States and Indonesia were Nigeria’s top five export destinations in the second quarter (Q2) of 2022. 

While India accounted for 14.85 percent of the total trade volume, Spain accounted for 13.98 percent. This was followed by 12.35 percent exported to the Netherlands, 8.93 percent shipped to the United States and 8.45 percent received by Indonesia.

A culmination of all the top five accounted for 58.55 percent of the total value of Nigeria’s export in Q2 2022.

During the quarter under review, crude oil products accounted for the largest export value with N5.9 trillion representing 79.77 percent. This was followed by Nigeria Natural Liquified Gas (NNLG) with N735.60 billion representing 9.93 percent. 

On the other hand, China, Belgium, India, the Netherlands, and the United States were the countries ranked as the top five countries of origin of imports to Nigeria.

The values of imports from the top five countries stood at N3.13 trillion representing a share of 57.71 percent of the total value of imports. 

The commodity groups with the largest values among the top imported products were ‘Motor Spirit ordinary’ (N948.76 billion), ‘Gas Oil’ (N357.37billion), and ‘Durum wheat (Not in seeds)’ (N242.67 billion).

On a year-on-year basis, the total value of trade reported increased by 32 percent year on year (y/y) from N9.71 trillion reported in the corresponding period of 2021 to N12.84 trillion reported in the first half (H1) of 2022.