Nigeria’s foreign trade in the second quarter of 2022 increased by 32.2% to N12.8 trillion from N9.71 trillion recorded in the same period in 2021.
This was disclosed by the Nigeria Bureau of Statistics.
According to the report, the international trade balance surged to N1.97 trillion, the highest in four years.
The favourable trade balance can be attributed to the significant increase in export earnings compared to that import bills.
Specifically, Nigeria earned N7.41 trillion from export in the period under review, compared to N5.02 trillion recorded in the corresponding period of 2021. This indicates a 47.5% year-on-year increase.
On the other hand, the import bill increased 15.8% year on year to N5.44 trillion. Although compared to the previous quarter it declined by 7.9%.
A further breakdown of the report showed that crude oil export rose by 45.1% year-on-year to N5.91 trillion in Q2 2022, this is the highest on record based on data from the NBS.
Also, non-crude oil export jumped by 58.2% year-on-year to N1.49 trillion
