Crude, gas lift Nigeria’s export to N7.1trl in Q1 2022
The National Bureau of Statistics (NBS) has revealed in its Q1 2022 reports that Nigeria recorded up to N7.1 trillion worth of exports of commodities such as crude oil, urea, natural gas, and petroleum gasses in the first quarter of 2022, a significant 23.13% increase from N5.77 trillion recorded in the previous quarter.
According to the foreign trade report released by NBS, the increase in Nigeria’s export earnings turned the foreign trade balance in favour of Nigeria for the first time since Q2 2021 and the highest since Q3 2019. The report also showed that Nigeria recorded a foreign trade surplus of N1.19 trillion in the review quarter compared to the N173.96 billion deficit recorded in Q4 2021.
Representing about 79.16% of the nation’s total exports, Nigeria exported about N5.62 trillion worth of petroleum oil and oils obtained from bituminous minerals in crude form in the period under review. This significant increase from the previous quarter’s N4.27 trillion is attributed to the rally in crude prices recorded in the first quarter of the year following the trade sanctions imposed on Russia.
Similarly, owing to the trade sanctions, as one of the world’s largest natural gas producers, Nigeria was able to increase its earnings on natural gas as it exported about N655.94 billion worth of natural gas in Q1 2022, a 14% increase compared to N573.85 billion recorded in Q4 2021, and accounting for 9.24% of the total exports.
From N208.05 billion recorded in the previous quarter, Nigeria’s Urea export increased marginally in Q1 2022 to N208.39 billion. Urea exports accounted for 2.93% of the country’s total export in the period under review.
Nigeria exported floating or submersible drilling or production platforms worth N89.93 billion in Q1 2022, accounting for 1.27% of the total export value.
Petroleum gases accounted for 1.32% of the total export recorded in the period at N93.7 billion. This is 28% higher than the N73.15 billion recorded in the previous quarter. The increase cannot be isolated from the rally recorded in the crude oil market and the subsequent global energy crisis that followed.
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