The December 2022 Handbook of Statistics by the United Nations Conference on Trade and Development (UNCTAD), has shown that fuels made up 47% of Africa’s exports in 2021.
The handbook, which provides a relevant analysis of international trade and economic activities, noted that African economies were one of the main fuel-exporting economies of the world.
The report further stated that Africa’s high imports of manufactured products were only partly offset by surpluses in fuel and ores, metals, precious stones, and monetary gold.
The global trends: According to the UNCTAD handbook of statistics, fuel exports increased sharply, by 72% during the year under review. Meanwhile, exports of ores, metals, precious stones and non-monetary gold grew by 34%, even as exports of agricultural raw materials increased by 32%. Meanwhile, exports of food grew by 18% just behind the 22% growth of manufactured goods.
The Nigerian context: UNCTAD identified Nigeria as a developing, lower-middle-income country that is dependent on commodity exports, primarily fuels. According to the SCD report, fuels are highlighted as the following: coal, petroleum oils, oils from bituminous materials, crude petroleum oils or bituminous minerals, residual petroleum products, liquefied propane and butane, natural gas, petroleum gases, and other gaseous hydrocarbons.
- The report also highlighted previous years of commodity exports in Nigeria. Between 2008 and 2009 Nigeria’s agricultural products export was at 2.1% while it was 3.6% between 2018 and 2019.
- Between 2008 and 2009, Nigeria’s fuel export was at 95.7%, while it was 92.8% between 2018 and 2019.
- Also, between 2008 and 2009, Nigeria’s ores, metals, precious stones and non-monetary gold exports were at 0.4% and 1.5% between 2018 and 2019.
- Commodity export value between 2008 and 2009 was $67 million, while the country’s export value between 2018 and 2019 was $62 million.
For the record: Nigeria had a $47 billion export (all merchandise and commodity exports) value in 2021. Meanwhile, it had a $52 billion import value in the same year.
- The country was ranked as a leading exporter and importer in developing economies for the year under review, according to the 2022 UNCTAD handbook of statistics.
