Exports rise 47.5%, boosted by oil, gas, urea
By Jeph Ajobaju, Chief Copy Editor
Nigeria exported N7.41 trillion worth of raw and semi-processed materials in the second quarter ended June (Q2 2022), the highest on record, and a 47.5 per cent jump above N5.02 trillion in Q2 2021.
Trade balance also grew to a N1.97 trillion surplus, the highest since Q2 2018.
Export value rose 4.3 per cent to N7.41 trillion in Q2 2022 from N7.1 trillion in Q1 2022, as shown in the latest report of the National Bureau of Statistics (NBS)
Crude oil and natural gas topped export earners, followed by urea. Oil fetched N5.9 trillion in Q2 2022, a 45.1 per cent increase year-on-year (YoY) on Q2 2021.
Below are the top 10 exports
Crude oil – N5.9 trillion
A total N5.91 trillion came in from oil export in Q2 2022, comprising petroleum oils and oils obtained from bituminous minerals, according to the NBS.
It increased 5.1 per cent versus N5.62 trillion in Q1 2022.
Crude oil export accounted for 79.77 per cent of total exports in Q2 2022.
Natural gas – N735.6 billion
Natural gas yielded N735.59 billion, accounting for 9.93 per cent total exports.
This represents a 12.1 per cent rise against N655.9 billion in Q1 2022.
____________________________________________________________
Related articles:
Non-oil export generates $2.59b in H1 2022
Agric export grows 57.02% to nearly N505b
Nigeria lifts revenue 3.28% to N1.26tr
_______________________________________________________________
Urea – N308.1 billion
Export earnings from Urea increased from N208.39 billion in Q1 2022 to N308.1 billion in Q2 2022, an increase of 47.9 per cent.
Urea accounted for 4.16 per cent of total export earnings, per reporting by Nairametrics.
Other petroleum gases – N73.6 billion
Other petroleum gases (in gaseous state) generated N73.6 billion or 0.99 per cent of total exports.
This category maintains the same spot it occupied in Q1 2022 despite a decline of 21.4 per cent from N93.7 billion in Q1 2022.
Cashew nuts – N53.16 billion
Cashew generated N53.16 billion or 0.72 per cent of total export earnings.
Cashew nuts still shell fetched N41.27 billion, shelled cashew nuts N11.89 billion.
Other items
- Unwrought aluminum – N28.6 billion
- Sesamum seeds – N25 billion
- Superior quality Cocoa beans – N22.5 billion
- Electrical energy – N21.7 billion
- Nonmonetary gold – N17.7 billion
Explainer
Nigeria had N12.84 trillion foreign trade in Q2 2022, a decrease of 1.2 per cent on N13 trillion in Q1 2022, but an increase of 32.2 per cent on N9.71 trillion in Q2 2021.
Import bill slumped 7.9 per cent against Q1 2022 but grew 15.8 per cent against N5.44 trillion in Q2 2021.
){kind=link}