Commodity Price Indices and Terms of Trade (Q1 2022)


Between January and March 2022 (Jan 2018=100):

  • The All-commodity group import index on average increased by 0.22%. This was led by “Products of the chemical and allied industries”, “Live animals; animal products”, and “Vehicles, aircraft, and parts thereof; vessels, etc.”.
  • The All-commodity group export price index averagely increased by 0.08%. The increase in prices can be traced to increases in the export price index of “Articles of stone, plaster, cement, asbestos, mica, ceramic”, “Plastic, rubber and articles thereof”, and “Prepared foodstuffs; beverages, spirits, and vinegar; tobacco”.
  • The All-commodity terms of trade (TOT) index on average fell -0.14% as a result of an increase in changes in import prices relative to changes in export prices of “Live animals; animal products”, “Animal and vegetable fats and oils, and other cleavage products” and “Products of the chemical and allied industries”
  • The All-region group export index increased by 0.08%. This was mainly influenced by increases in prices of exports to Africa, followed by exports to Asia.
  • The All-region group import index increased by 0.22% due to increases in import prices from Asia.
  • The All-region terms of trade on average decreased by 0.14% due to lower average export price changes.
  • The major export and import market of Nigeria in Q1, 2022 were India, Spain, The Netherlands, Indonesia, and China.

Data source: National Bureau of Statistics