In the fourth quarter of 2022, Nigeria’s total trade stood at N11,722.44 billion of which total exports stood at N6,359.61 billion and total imports amounted to N5,362.83 billion. On an annual basis, total trade was N52,387.30 billion, total imports amounted to N25,590.55 billion, and total exports were recorded at N26,796.75 billion.
Total exports increased in the fourth quarter by 7.17% and 10.28% when compared to the amount recorded in the third quarter of 2022 (N5,934.15 billion) and the corresponding quarter in 2021 (N5,766.62 billion) respectively. Conversely, total imports declined by 15.46% in the fourth quarter of 2022 compared to the value recorded in the third quarter of 2022 (N6,343.53 billion) and fell by 9.73% when compared to the value recorded in the corresponding quarter of 2021 (N5,940.58 billion). Re-export’s value in the quarter under review stood at N199.59 billion representing 3.14% of total exports.
The top five re-export destinations were Namibia. Equatorial Guinea, Cameroun, Ghana, and Togo while the most re-exported commodity was ‘Floating or submersible drilling or production platforms with N142.02 billion, this was followed by ‘Cruise ships and similar vessels for the transport of persons or goods <=500 tonnes’ valued at N14.78 billion and ‘Refrigerated vessels, other than those of subheading 8901.20, of a capacity > 500 tonnes’ amounting to N13.16 billion.