Nigeria’s foreign trade as at June 2023 stood at N12.74 trillion while Netherlands, United States of America and Indonesia topped the list of Nigeria’s export destinations in 2022.
According to the details captured in the 2024-2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) exclusively seen by Tribune Online, total exports recorded by Nigeria stood at N7.02 trillion while total imports amounted to N5.73 trillion.
According to the document, Netherlands’ export stood at N788.85 billion, representing 11.24% of total exports; United States of America with N718.63 billion; Indonesia with N550.18 billion; France with N540.73 billion and Spain with N504.45 billion.
Altogether, exports to the top five countries amounted to 44.23% of the total value of exports.
Total imports increased by 2.99% compared to the value recorded in the first quarter of 2023 (N5.56 trillion) but declined by 10.37% when compared to the value recorded in the corresponding quarter of 2022 (N6.39 trillion).
Top five countries of origin of imports to Nigeria in Q2 2023 were China, United States, Belgium, India and Netherlands.
With imports valued at N1.27 trillion representing 22.17%) China is the largest country of origin for Nigerian imports.
The values of imports from the top five countries amounted to N3.44 trillion representing a share of 60.05% of total imports. Premium Motor Spirit import accounted for 21.5% (N1.23 trillion).
Other imports included used Vehicles, and Automotive Gas Oil (AGO).
Total exports increased by 8.15% when compared to the amount recorded in the first quarter of 2023 (N6.49 trillion) but declined by 5.20% compared to the corresponding quarter in 2022 (N7,400.89 billion).
The largest export product was ‘Petroleum oils and oils obtained from bituminous minerals, crude’ valued at N5.59 trillion representing 79.63%. Others were Liquefied Natural Gas (LNG) liquefied billion and Urea.
Foreign Portfolio Investment (FPI) was the largest amount of capital importation by type, US$3.30 billion.
This is however 34.1% lower compared to US$5.14 billion recorded in 2020. Foreign direct investment in Nigeria was a paltry US$696.78 million, 32% lower than the US$1.03 billion recorded in the preceding year.
On capital importation, the document affirmed that: “There has been a steady decline in Nigeria’s capital importation for three consecutive years, from an annual level of $16.812 billion in 2018 to a paltry $5.32 billion in 2022.
“Quarterly data also showed capital importation declined by 51.51% from $2.187 billion recorded in Q4 2021 to $1.06 billion in Q4 2022.
“Trade deficits, loans, currency deposits represent the largest component of capital importation in 2022 accounting for 65.17% ($691.23 million) of total capital importation in Q4 2022.
“This was followed by Portfolio Investment with 26.89% ($285.26 million) and Foreign Direct Investment (FDI) with 7.94% ($84.23 million).”
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