Crude oil exports leap by 194%, hit N5.6tn in three months

Nigeria’s crude oil exports jumped to N5.6trn in the first quarter of 2022, reflecting nearly 200 percent increase when compared to the same period in 2021.

The figures, contained in the Foreign Trade Report of the National Bureau of Statistics, said Nigeria’s total merchandise trade stood at N13 trillion in the first quarter of 2022, 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 percent over the value recorded in the preceding quarter.

The latest figures by the NBS show a 194 per cent increase in Nigeria’s crude oil exports when compared to the first quarter of 2021 (N1.9trn).

The figures also indicate the continued decline in the performance of the non-oil sector, which contributed N1.47trn (20.84 percent) to the total exports in the period under review.