Nigeria’s foreign trade skyrockets by 58% to N39.8 trillion in 2021

Foreign trade of N39.8 trillion was documented in Nigeria, in 2021. Indicating a 58% rise distinguished to N25.22 trillion documented in 2020. This is in respect to the just-broadcasted foreign trade news by the National Bureau of Statistics (NBS).

Based on the news, Nigeria imported goods worth N20.84 trillion in the inspection period, which is 64% increased than the N12.7 trillion documented in the aforementioned year, while the export price inflated by 51% year-on-year to N18.91 trillion.

Nevertheless, Nigeria’s foreign trade debt leaped to N1.94 trillion from a debt of N178.3 billion documented in the last year.

Features

●         Crude oil export in the time heightened by 53% to N14.41 trillion in 2021 from N9.44 trillion documented in 2020.

●         Crude oil export accounted for 76% of the aggregate export revenue while under inspection, while non-crude oil export participated 24% to the aggregate.

●         Additionally, Nigeria’s non-crude oil exports subsisted asserted at N4.49 trillion, which is 46% greater than the N3.08 trillion documented in the last year.

●         Non-oil export also heightened by 49% year-on-year to N2.14 trillion from N1.43 trillion documented in 2020.

Further analysis of the data reveals that Nigeria documented its outstanding import law in Q4 2021 with N5.94 trillion in importation as against an N5.78 trillion export documented at the exact moment.

Again, in Q4 2021 an aggregate of N4.27 trillion price of crude oil was mailed abroad, which is the enormous document established on data from Q1 2018 to date. The substantial modification could be credited to the demonstration in the crude oil market in the last quarter of 2021, which saw crude oil selling for about $80 per barrel.

With the momentous surge in crude oil fees in the first quarter of 2022 as a consequence of the Russia-Ukraine war, Nigeria may be arranged to reap vastly extra from crude oil export, irrespective of its incapacity to engage the production quota.