Data from the National Bureau of Statistics (NBS) has shown that Nigeria’s crude oil exports accounted for 77.24% of total exports in the fourth quarter of 2022.
According to the NBS’s Foreign Trade in Goods Statistics Report, the value of exports trade in the fourth quarter of 2022 was dominated by crude oil exports valued at N4,911.92 billion.
On the other hand, non-crude oil export value stood at N1,447.69 billion or 22.76% of total exports. Meanwhile, non-oil products contributed N732.24 billion representing 11.51% of total exports.
Total exports: The report states that the value of total exports stood at N6,359.61 billion in the fourth quarter of 2022, which accounted for 54.25% of total trade. The value of exports increased in Q4 2022 by 7.17% above the level recorded in Q3 2022 and by 10.28% when compared to the value recorded in Q4 2021.
More insights: According to the NBS, Nigeria exported mainly mineral products which amounted to N5,667.22 billion, amounting to 89.11% of the total export value.
The next highest export category for the period highlighted was vehicles, aircraft and vessel parts, which were valued at N199.29 billion, amounting to 3.13% of the value of total exports. Also, chemical and allied industries’ products’ exports for the period highlighted were worth N169.27 billion, making up 2.66% of the value of total exports.
Top energy-related products exported: According to the NBS, the top products that were exported during the fourth quarter of 2022 were petroleum oils and oils obtained from bituminous minerals and crude worth N4,911.92 billion, making up 77.24% of exports.
Liquefied natural gas (LNG) exports for the period highlighted were worth N704.88 billion. Urea exports made up N160.56 billion, which is 2.52% of exports. Drilling or production platforms exports made N140.02 billion, which is 2.23% of exports.
Solid minerals exports: The NBS report noted that solid minerals exports stood at N21.03 billion. This shows a decrease of 6.41% when compared to the value recorded in Q3/2022 at N22.47 billion. The rate for Q4/2022 increased by 55.07% when compared to the corresponding quarter of 2021 at N13.56 billion. The top exported solid mineral goods were white cement to Niger valued at N5.21 billion, and Tin ores and concentrates worth N3.74 billion to Malaysia.