Nigeria recorded foreign trade of N39.8 trillion in 2021, representing a 58% surge compared to N25.22 trillion recorded in 2020. This is according to the recently released foreign trade report by the National Bureau of Statistics (NBS).
According to the report, Nigeria imported goods worth N20.84 trillion in the review period, which is 64% higher than the N12.7 trillion recorded in the previous year, while export value increased by 51% year-on-year to N18.91 trillion.
However, Nigeria’s foreign trade deficit jumped to N1.94 trillion from a deficit of N178.3 billion recorded in the previous year.
- Crude oil export in the period increased by 53% to N14.41 trillion in 2021 from N9.44 trillion recorded in 2020.
- Crude oil export accounted for 76% of the total export earnings in the period under review, while non-crude oil export contributed 24% to the total.
- On the other hand, Nigeria’s non-crude oil exports was stated at N4.49 trillion, which is 46% higher than the N3.08 trillion recorded in the previous year.
- Non-oil export also increased by 49% year-on-year to N2.14 trillion from N1.43 trillion recorded in 2020.
A further breakdown of the data shows that Nigeria recorded its highest import bill in Q4 2021 with N5.94 trillion in importation as against a N5.78 trillion export recorded in the same period.
Similarly, in Q4 2021 a total of N4.27 trillion worth of crude oil was exported, which is the highest recorded based on data from Q1 2018 to date. The significant increase could be attributed to the rally in the crude oil market in the last quarter of 2021, which saw crude oil selling for over $80 per barrel.
Meanwhile, with the significant surge in crude oil prices in the first quarter of 2022 as a result of the Russia-Ukraine war, Nigeria may be set to earn much more from crude oil export, despite its inability to meet production quota.