Nigeria records negative trade balance Q4, 2021: NBS


By Aluta News

Mar. 15, 2022

The National Bureau of Statistics said that Nigeria recorded negative trade balance of N173.96 billion in the fourth quarter of last year.

The Statistician-General of the Federation, Dr Simon Harry, made the announcement at a news conference in Abuja on Tuesday, to announce foreign trade statistics for fourth quarter 2021 and the Consumer Price Index for February, 2022.

According to him, during the fourth quarter of 2021, total trade stood at N11.7 billion with export trade value of N5.7 billion and import trade value of N5.9 billion, which he said, recorded a negative trade balance of N173.96 billion.

Harry said, however, that total trade in Q4, 2021 was 11.79 per cent higher, when compared to the value recorded in Q3, 2021 with N10.4 billion.

“Similarly, export trade grew by 12.27 per cent from N5.1 billion while import trade grew by 11.33 per cent from N5.3 billion in Q3 2021.’’

He said that Nigerian export trade was dominated by crude oil, which amounted to N4, 269.36 billion, representing 74.04 per cent of total exports during the period.

“This was followed by natural liquefied gas with N573.8 billion (9.95 per cent).

“Floating or submersible drilling platforms with N265.33 billion (4.60 per cent) and Urea, whether or not in aqueous solution with N208.05 billion, representing 3.61 per cent.

“On the other hand, major products imported were motor spirit, valued at (N1, 443.91 billion) (24.31 percent), followed by Durum wheat, valued at N397.19 billion (6.69 per cent) and Rolled iron/steal and others with N88.23 billion (1.49 percent).’’

Harry said that India, Spain, France, Netherlands and Indonesia were top five major export trading partners of Nigeria during the period.

“The top five major trading partners in exports during the 4th Quarter, 2021 were India with ₦874.86 billion (15.17 percent), Spain with ₦789.23 billion (13.69 per cent).

“France with ₦485.35 billion (8.42 per cent), the Netherlands with ₦425.85 billion (7.38 per cent), and Indonesia with ₦288.10 billion (5.00 per cent).

“Similarly, the top import trading partners during the period under review were China with ₦1,652.65 billion (27.82 per cent), Belgium with ₦613.28 billion (10.32 per cent) and India with ₦430.38 billion (7.24 per cent).

“Others are the Netherlands with ₦416.52 billion (7.01 per cent) and the United States of America with ₦340.36 billion (5.73 per cent).

“Looking at sectoral classifications, 74.04 percent of total exports during the period under review was crude oil, followed by other petroleum oil products with 11.90 per cent.

“In terms of imports, 50.51 per cent were manufactured goods, followed by other petroleum oil products with 28.60 per cent,’’ Harry said.