Business Headline News Nigeria

Crude oil sales rise by 46.41%

Nigeria’s crude oil sales rose by 46.41%, pushing the country’s total export to N26.79tn in 2022, as total trade rose by 31.79% from N39.75tn in 2021 to N52.39tn in 2022.

In 2022, crude oil sales totalled N21.09tn, a 46.41% increase from N14.41tn in 2021.

In 2022, crude oil accounted for 78.74% of total exports.

According to data from the National Bureau of Statistics, total exports for 2022 rose by 41.72% from N18.91tn in 2021 to N26.79tn as of 2022.

Imports rose by 22.77% from N20.84tn in 2021 to N25.59tn in 2022.

In 2022, Nigeria spent N2.63tn importing food and live animal; N10.12tn importing petroleum and other mineral fuel; N1.93tn on manufactured goods; and N5.93tn on machinery and transport equipment.

On the growth of foreign trade, the NBS said, “In the fourth quarter of 2022, Nigeria’s total trade stood at N11.72tn of which total exports stood at N6.36tn and total imports amounted to N5.36tn.

“On an annual basis, total trade was N52.39tn, total imports amounted to N25.59tn, and total exports were recorded at N26.79tn.”

Explaining the breakdown for Q4, 2022, the national statistics body notes that, “the top five export destinations in the fourth quarter of 2022 were Spain, Netherlands, India, France, and Indonesia accounting for 9.70%, 9.03%, 7.71%, 7.70% and 7.44% respectively of total exports.

Writing by Muzha Kucha