Nigeria’s Exports Value Hits N7.1tn in First Quarter

Festus Akanbi

Nigeria’s quest to increase its export earnings received a significant boost in the first quarter of 2022 with a 137.88 per cent jump in the total exports, which amounted to N7.1 trillion as against N2.98 trillion reported in the corresponding period of last year.

However, capital inflow into the country declined by 28.09 per cent to $1.57 billion in the same period.

In comparison with the data for the last quarter of 2021, when Nigeria’s export value was put at N5.76 trillion, the data for the first quarter of this year shows that Nigeria’s export value rose by 23.13 per cent t as imports declined by 0.67 per cent when compared to what was recorded in the last three months of last year.

The Trade Statistics data released at the weekend by the National Bureau of Statistics (NBS) showed that Nigeria’s total imports at the end of the first quarter of 2022 stood at N5.9 trillion compared to N5.94 trillion that was recorded in the last quarter of 2021.

There was, however, a 21.04 per cent rise in imports when compared to N4.87 trillion that was recorded in the first quarter of 2021.

According to the NBS, there had been significant increases in the export of agricultural goods, which rose by 51.89 per cent; solid minerals, which rose by 45.17 per cent, and crude oil exports, which rose by 31.66 per cent compared to what they recorded in the fourth quarter of last year.

The NBS data also put the value of agricultural goods exports at N201.59 billion while Solid Minerals exports in Q1, 2022 were valued at N19.69 billion. The value of crude oil exports in Q1, 2022 stood at N5,62 trillion representing 70.16 per cent of total exports.

Also, the value of other oil products exports increased by 11.35 per cent to N764.27 billion, compared to N686.38 billion recorded in Q4, 2021. The value of raw material goods exports in Q1, 2022 stood at N259.48 billion showing an increase of 4.44 per cent and 504.17 per cent than N248.45 billion and N42.95 billion recorded in Q4, 2021 and Q1, 2021, respectively.

Meanwhile, the value of exports of energy goods in Q1, 2022 declined by 25.66 per cent to N15.36 billion, just as the value of manufactured goods exports stood at N219.08 billion in Q1, 2022 showing a decline of 44.6 per cent compared to N395.48 billion recorded in Q4, 2021.

Capital importation data, which was also released by the NBS, showed that the total value of capital importation into Nigeria in the first quarter of 2022 stood at $1.573 billion from $2.187 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 17.46 per cent from $1.905 billion. The largest amount of capital importation by type was received through Portfolio Investment, which accounted for 60.87 per cent at $957.58 million.

This was followed by Other Investment with 29.28 per cent or $460.59 million and Foreign Direct Investment (FDI) accounted for 9.85 per cent or $154.97 million) of total capital imported in Q1 2022.

Disaggregated by sectors, capital importation into banking had the highest inflow of $818.84 million amounting to 52.05 per cent of total capital imported in the first quarter of 2022. This was followed by capital imported into the production sector, valued at $223.67 million, and the financing sector with $199.37 million.

Capital Importation by country of origin reveals that the United Kingdom ranked top as the source of capital imported into Nigeria in the first quarter of 2022 with a value of $1.021 billion, accounting for 64.92 per cent. This was followed by the Republic of South Africa and the United States of America valued at $117.50 million and $82.07 million respectively.

Only six states out of 36 states and the federal capital territory (FCT), received capital investments in Q1 2022.

These states are Lagos ($1.12 billion), FCT ($446.81 million), Anambra ($4.15 million), Oyo ($2 million),  Katsina ($0.70 million), and Plateau ($0.04 million). Lagos state accounted for 71.16 per cent of the total capital inflow in Q1 2022.