Amid increasing calls for diversification of the economy, Nigeria’s crude oil exports jumped to N5.6trn in the first quarter of 2022, reflecting nearly 200 per cent increase when compared to the same period in 2021.
The figures are contained in the Foreign Trade Report of the National Bureau of Statistics. Nigeria’s total merchandise trade stood at N13 trillion in the first quarter of 2022. This is indicating an increase of 11.05 per cent over the value recorded in the fourth quarter of 2021 and 65.41 per cent higher when compared to the value recorded in the first quarter of 2021.
The export trade in the quarter under review stood at N7.1 trillion, showing a rise of 23.1 per cent over the value recorded in the preceding quarter and also an increase of 137.9 per cent over the corresponding period of the preceding year.
On the other hand, total imports were valued at N5.90 trillion, indicating a decrease of 0.7 per cent over the value recorded in the preceding quarter.
