Nigeria recorded significant improvement in foreign trade in 2022 with export earnings outweighing import bills by N1.2 trillion, resulting in foreign trade surplus of 162 per cent, despite the weaker value of the Naira during the year.
Data released by the National Bureau of Statistics (NBS) has shown that minerals export was the major item that pushed Nigeria goods trade surplus to N1.2 trillion in 2022 as export bills (N26.8 trillion) outweighed import earnings (N25.6 trillion) for the first time since the pre-COVID year (N2.23 trillion in 2019).
Analysts from Cowry Assets Management Limited said these outcomes resulted in a rapid decline in demand for consumer, intermediate and investment goods sectors across board.
Meanwhile, export value during the quarter was dominated by crude oil exports (N4.9 trillion), which accounted for 77 percent of total exports.