Nigeria-UK Trade Volume Rises By 48.4 Percent

Nigeria’s Imports Suffer Decline Due To Cash Crunch, Recedes By 25.8%

Nigeria’s total imports decreased from N7.5 trillion in Q1 ‘2022 to N5.56 trillion in Q1 ‘2023, a decrease of 25.83 percent.

However, the result for the previous quarter was greater than the N5.36 trillion reported for the fourth quarter of the previous year.

Remember that the introduction of the naira redesign led to a cash shortage that had an impact on company activities in the period under review.

Nigeria’s total trade in goods in the first quarter of 2023 was assessed by the National Bureau of Statistics (NBS) to have been worth N12.05 trillion, with exports valued at N6.49 trillion and imports at N5.56 trillion.

According to the study, “petroleum oils and oils obtained from bituminous minerals and crude” made up the majority of exported goods, accounting for N5.15 trillion, or 79.37 percent, of total exports. With N622.36 billion, natural gas and liquefied goods ranked in second, making up 9.59% of the export value.

According to the data, overall exports rose by 2% in the first quarter but fell by 8.66% when compared to the level seen in the fourth quarter of 2022.

“The value of re-exports in the quarter under review stood at N32.17 billion, representing 0.5 per cent of total exports.”

“Data available shows that the top five re-export destinations were Cameroun, Ghana, Equatorial Guinea, United Kingdom and Liberia while the most re-exported commodity was vessels and other floating structures for breaking up with N21.07 billion, this was followed by light vessels, fire floats, floating cranes and other vessels not specified in 8,905 valued at N4.71 billion. Other instruments and appliances for surveying not specified in 9015, amounting to N0.93 billion and parts of work-truck of the type used in factories, warehouses, dock areas or airports valued at N0.85 billion,” it stated.

The Netherlands, with N837.65 billion (12.91%), the United States, with N579.35 billion (8.93%), and Spain, with N488.17 billion (7.53%), were the leading export destinations in the quarter. India was in fifth place with N456.69 billion or 7.04 percent of total exports, followed by France with N487.34 billion or 7.51 percent.

The value of shipments to the top five trading partners accounted for 43.92% of total exports.

In terms of imports, the top five countries of origin for goods going to Nigeria in the first quarter of 2023 were China, the Netherlands, Belgium, India, and the United States.

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