The value of total export by Nigeria stood at N7.1 trillion in the first quarter of 2022, the value accounted for 54.61% of total trade, according to the latest data by the National Bureau of Statistics (NBS).
The export value rose in Q1, 2022 by 23.13% against the level recorded in Q4, 2021 and by 137.88% when compared to Q1, 2021.
Exports by section revealed that Nigeria exported mainly mineral products which amounted to N6.42 trillion, or 90.42% of total export value, followed by ‘Plastic, rubber and articles thereof’, which was valued at ₦N216.11 billion (or 3.04% of the value of total exports) and ‘Prepared foodstuffs; beverages, spirits and vinegar; tobacco’ worth N128.40 billion (1.81% of the value of total exports).
Exports trade by region in Q1, 2022 shows that Nigeria exported most products to Europe with goods valued at N3.046 trillion or 42.90% of total exports, followed by exports to Asia valued at N2.713 trillion (38.21% of total exports) and to America with N895.87billion, (12.62% of total exports) while exports to Africa stood at N442.76billion or 6.24% of total exports of which N329.64 billion worth of goods were exported to ECOWAS countries.
Nigeria’s exports to her trading partners shows that India remained the top export destination for Nigeria during the quarter under review.
The top five export destinations were India, Spain, The Netherlands, Indonesia and The United States with goods valued at ₦1.176 trillion or 16.57%, N677.69billion or 9.54%, N660.59billion or 9.30%, N474.41billion or 6.68%, and N372.73 billion or 5.25% of export trade respectively.
These five countries collectively accounted for 47.35% of the value of total exports in Q1, 2022.
Agricultural Goods Sector
The value of total trade in agricultural goods in Q1, 2022 stood at N644.94billion of which exports were valued at N201.59 billion in Q1, 2022.
Exports in agricultural goods increased by 51.89% and 58.35% when compared to the value recorded in Q4, 2021 (N132.71 billion) and Q1, 2021 (N127.31billion) respectively.
During the quarter, most agricultural products were exported to Asia, valued at N101.99billion, followed by Europe with N27.49billion.
Export of agricultural products was dominated by Superior Quality Cocoa beans valued at N72.59billion followed by ‘Sesamum seeds, whether or not broken’ with N56.45billion and Standard Quality Cocoa Beans with N13.21billion.
By direction of trade, ‘Superior quality raw cocoa beans’ worth N27.16billion and N16.11billion was exported to The Netherlands and Belgium respectively.
Furthermore, sesamum seeds worth N24.34billion and N11.11billion were exported to China and Japan respectively, followed by exports of Standard quality Cocoa Beans worth N6.70 and N2.74billion were exported to Germany and Malaysia respectively.