Nigeria's Top Trading Partners in the Second Quarter of 2022

The National Bureau of Statistics (NBS) Foreign Trade in Goods report revealed that Nigeria's total trade during the second quarter of 2022 was valued at N12.8trillion. According to the report, Nigeria recorded a trade surplus of N1.9 trillion in the second quarter of 2022, with total exports valued at N7.4 trillion and imports worth N5.4 trillion.

However, the 12.8trillion earned in the second quarter of 2022 was lower than the N13trillion recorded in the first quarter of 2022, indicating a marginal decrease of 1.5 percent over the value recorded in the prior quarter, 32 percent higher when compared to the value recorded in Q2 2021.

Imports Breakdown/ Imports Statistics

Nigeria's total imports decreased by 7.89% in the second quarter of 2022 compared to the value recorded in the first quarter of 2022 (N5.9trn) and grew by 15.83 percent compared to the value recorded in the corresponding quarter of 2021 (N4.6trn). 

According to the report, of the N5.4trillion valued imports, N2.7trillion worth of manufactured goods were brought into the country, followed by N1.4trillion worth of petroleum products. Imports of raw material goods were valued at N696billion, while agricultural goods and solid minerals were valued at N464billion and 38billion, respectively.

Nigeria's top import partners during that period were China (N1.4trillion), Belgium N465billion), India (N459billion), the Netherlands (N430billion), and the United States of America (N362billion) were the top five countries of imports to Nigeria, with imports from the five countries amounting to N3.1trn, representing a share of 57.71 percent of the total value of imports.

Export Breakdown/Export Statistics

Nigeria's total exports increased by 4.31 percent compared to the first quarter of 2022 (N7.1trn) and by 47.55 percent of the value recorded in the corresponding quarter of 2021 (N5trn). 

According to the report, the value of exports trade was dominated by crude oil exports valued at N5.9 trillion, which accounted for 79.7 percent of total exports. In contrast, non-crude oil export value stood at N1.49 trillion or 20.2 percent of total exports, of which non-oil products contributed N675.08 billion, representing 9.11 percent of total exports.

Nigeria's top five import partners during that period were India with trade valued at N1.09 trillion (14.85 percent), Spain with trade valued at tN1.03 trillion (13.98 percent), The Netherlands with trade valued at N914.46 billion (12.35 percent), The United States of America with trade valued at N661.19 billion (8.93 percent), and Indonesia with trade valued at N625.65 billion (8.45 percent).