.Capital importation declines by $14.31bn in 2020 — NBS

By Biodun Busari

Nigeria has imported goods worth N5,900.83billion in the first quarter of this year 2022, while its total exports were N7,100.46billion in the same period under review, pegging total trade for the country at N13,001.28billion.

The statistics were disclosed by the National Bureau of Statistics (NBS) on Thursday with the title: ‘Foreign Trade in Goods Statistics (Q1 2022).’

According to NBS, Nigeria’s total trade for January – March 2022 was higher than the value recorded in the last quarter of 2021 which stood at N11,707.20billion.

The Nigerian government data agency asserted that the exports increased by 23.13 per cent in comparison to the October – December 2021.

The statement read, “In the first quarter of 2022, Total trade stood at N13,001.28billion, this was higher than the value recorded in the fourth quarter of 2021 (N11,707.20billion) and the value recorded in the corresponding period of 2021 which stood at N7,860.12 billion.

“Total Exports were N7,100.46billion of which Re-exports stood at N115.80billion, while total imports stood at N5,900.83billion.

“In the quarter under review, total exports increased by 23.13% when compared to the fourth quarter of 2021 (N5,766.62billion) and by 137.88% of the value recorded in the first quarter of 2021 (N2,984.93 billion).

“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 (N4,875.19billion) and decreased by 0.67% when compared to the value recorded in the preceding quarter (N5,940.58billion).”

It also revealed statistics on imported goods that exported to foreign countries yielded lower values of N115.80billion in Q1 2022 compared to N284.54billion made in Q4 2021.

NBS further stated, “Re-Exports in the first quarter of 2022 which stood at N115.80 billion decreased when compared to the same quarter of 2021 (N123.46billion) 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, Cameroon, 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).”

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