Commodity Price Indices and Terms of Trade (Q4 2022)


Between October and December 2022 (Jan2018=100):

  • The All-commodity group import index for Q4 2022 on average increased by 40 per cent points. The highest increase was recorded by “Animal and vegetable fats and oils and other cleavage prods”, followed by “Vehicles, aircraft and parts thereof; vessels etc” and “Mineral products”.
  • The All-commodity group export price index averagely decreased by -0.15 per cent point in Q4 2022. The decrease was majorly attributed to slower changes in the prices of “Papermaking material; paper and paperboard, articles”, “Base metals and articles of base metals”, and “Mineral products”.
  • The All products Terms of Trade (TOT) Index on average decreased by 0.55 per cent point.
  • The All-region group export index decreased by 0.15 per cent point mainly due to slower changes in prices of export to all regions except Africa.
  • The All-region group import index increased by 0.40 per cent point due to an increase in import prices to most regions.
  • The All-region terms of trade on average decreased by 0.55 per cent points.
  • The major export markets of Nigeria in Q4, 2022 were Spain, The Netherlands, India, France, and Indonesia.

Data source: National Bureau of Statistics