*As Capital importation falls 28%
By Elizabeth Adegbesan
The nation’s foreign trade in goods rose quarter-on-quarter, QoQ, by 11 per cent in the first quarter of 2022 (Q1’22) to N13 trillion from N11.7 trillion in Q4’21.
The National Bureau of Statistics, NBS, disclosed this today in its Foreign Trade in Goods Statistics Report for Q1’22.
According to the bureau, the value of exports also rose QoQ by 23 per cent to ₦7.1 trillion in Q1’22 from 5.76 trillion in Q4’21.
Similarly, the value of imports rose QoQ by 21 per cent to N5.9 trillion in Q1’22 from N4.87 trillion in Q4’21.
The report stated:” The first quarter of 2022, Nigeria’s total trade stood at ₦13 trillion, this was higher than the value recorded in the fourth quarter of 2021 (₦11.7 trillion) and the value recorded in the corresponding period of 2021 which stood at ₦7.8 trillion.
“Total Exports were ₦7.1 trillion of which re-exports stood at ₦115.8 billion, while total imports stood at ₦5.9 trillion.
“In the quarter under review, total exports increased by 23 per cent when compared to Q4’21 (₦5.7 trillion) and by 137.9 per cent of the value recorded in Q1’21 (₦2.98 trillion).
“On the other hand, total imports increased by 21.04 per cent in Q1’22 when compared to the value recorded in the first quarter of 2021 (₦4.87 trillion) and decreased by 0.67 per cent when compared to the value recorded in the preceding quarter (₦5.9 trillion). “Re-exports in the first quarter of 2022 which stood at ₦115.80 billion decreased when compared to the same quarter of 2021 (₦123.46 billion) and also in Q4’21 (₦284.54 billion) by 6.20 per cent and 59.3 per cent respectively.”
Meanwhile, in its Capital Importation Report for Q1’22 released today, NBS said that the value of capital inflows into the country fell QoQ by 28 per cent to $1.57 billion in Q1’22 from $2.2 billion in Q4’21.
It said that by sectors, capital importation into banking had the highest inflow of $818.84 million amounting for 52 per cent of total capital imported in the first quarter of 2022.
NBS said:”The total value of capital importation into Nigeria in Q1’22 stood at $1.5 billion from $2.2 billion in the preceding quarter showing a decrease of 28.09 per cent .
“When compared to the corresponding quarter of 2021, capital importation decreased by 17.4 per cent from $1.9 billion.
“The largest amount of capital importation by type was received through Portfolio Investment, which accounted for 60.87 per cent ($957.58 million). This was followed by Other Investment with 29.28 per cent ($460.59 million) and Foreign Direct Investment (FDI) accounted for 9.85 per cent ($154.97 million) of total capital imported in Q1’22.
” Disaggregated by Sectors, capital importation into banking had the highest inflow of $818.84 million amounting for 52.05 per cent of total capital imported in Q1’22. This was followed by capital imported into the production sector, valued at $223.67 million (14.2 per cent) and the financing sector with $199.37 million (12.67 per cent).
“Categorization of total capital investment by Bank shows that Standard Chartered Bank Nigeria ranked highest in Q1’22 with $543.20 million (34.53 per cent). This was followed by Citi Bank Nigeria Limited with $439.03 million (27.91 per cent) and Stanbic IBTC Bank Plc with $251.52 million (15.99 per cent).”